No surprise, actually. Same policy as toward China requiring "reform" allowing the US to compete equally in their domestic markets. India and China have no intention of allowing foreign entities control the commanding heights of their economies through "investment." It's a national security issue, just as the US approaches this domestically itself. This is basic to neoliberal globalization that effectively colonized the rest of the world. Nothing new here, either. It is typical of empires.
Under the decades-old program - known as the Generalized System of Preferences - Indian companies were able to avoid some $5.7 billion in duties back in 2017.Zero Hedge
The new standards will take effect June 5."I have determined that India has not assured the United States that India will provide equitable and reasonable access to its markets," Trump said in a proclamation on Friday evening. "Accordingly, it is appropriate to terminate India’s designation as a beneficiary developing country effective June 5, 2019."The decision isn't unexpected: The White House warned back in March that it could end India's preferential treatment if India didn't agree to certain reforms, but it decided to hold off so as to not hurt Modi politically during the run up to the election. According to Bloomberg, Trade Representative Robert Lighthizer has become increasingly frustrated with India’s trade barriers and practices. The trade rep has taken issue with the country’s self-designation as a developing nation at the World Trade Organization....
Trump Declares Trade War On India, Imposes New Tariffs
Tyler Durden
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