The US government withdrew GSP (Generalized System of Preferences) benefits to India worth $70 million on as many as 50 items effective from Thursday, on a day the Indian government further deferred by 45 days tit-for-tat retaliatory tariffs against 29 American products to counter the US move to unilaterally raise import duties on Indian steel and aluminium products.
Indian officials said the withdrawal of benefits is part of the 94 products on which the US has revoked GSP benefits for all countries and is not a major portion of India’s $5.6 billion exports through duty-free entry of 1,937 products to the US under GSP.Read More…
