Trump to end trade privileges for India on June 5
Updated 19:58, 01-Jun-2019
CGTN
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U.S. President Donald Trump said on Friday that his country would end its preferential trade treatment for India on June 5.
Trump announced his intention to remove India from the Generalized System of Preferences program in March and the June 5 date follows the expiration of a 60-day notification period.
The Indian government said on Saturday it will continue to seek to build strong economic ties with the United States despite Trump's decision.
In a response to the announcement from Washington on Friday, the Indian government said it was "unfortunate" that its attempts to resolve significant U.S. requests had not been accepted.
U.S. President Donald Trump (L) listens to Indian Prime Minister Narendra Modi during a meeting on the sidelines of the G20 Leaders' Summit in Buenos Aires, November 30, 2018. /VCG Photo

U.S. President Donald Trump (L) listens to Indian Prime Minister Narendra Modi during a meeting on the sidelines of the G20 Leaders' Summit in Buenos Aires, November 30, 2018. /VCG Photo

"India, like the U.S. and other nations, shall always uphold its national interest in these matters," the government said in a statement issued through India's trade ministry.
The privileges come under the Generalized System of Preferences (GSP), which had been allowing preferential duty-free imports of up to 5.6 billion U.S. dollars a year into the U.S. from the South Asian nation. India is the biggest beneficiary of the GSP program.
The Indian government said that India viewed the issue as part of its ongoing economic relationship with the U.S. and "will continue to build on our strong ties with the U.S., both economic and people-to-people," adding that "We are confident that the two nations will continue to work together intensively for further growing these ties in a mutually beneficial manner."
Source(s): Reuters