02 November 2018 Current Affairs:
The U.S. revoked duty-free concessions on the import of at least 50 Indian products, mostly from handloom and agriculture sectors. The revocation is to reflect the Trump administration’s tough stand on trade-related issues with New Delhi.
The Federal Register issued a notification, listing 90 products which were so far subject to duty-free provisions under the Generalised System of Preferences (GSP), an oldest and largest U.S. trade preference programme.
The GSP is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary-countries. A count of these products indicated that at least 50 of them are from India. Notably, India is the largest beneficiary of the GSP. In 2017, India’s duty-free export to the U.S. under the GSP was more than $5.6 billion.