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US-China Tariff War: India’s exports to the US increase riding on GSP benefits

The year-long trade war between the US and China is increasing American imports from GSP beneficiary countries including India, Thailand, Cambodia, Indonesia and Turkey. The GSP is the largest and oldest US trade preference programme and is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries

The Generalised System of Preference or GSP saved American companies $105 million in March, an increase of $28 million (36 per cent) from March, 2018 and the second-highest level on record. In the first quarter of 2019, the GSP saved American companies $285 million, which is $63 million more than the first quarter of 2018.

On March 4, President Donald Trump announced the US intention to terminate India as a beneficiary developing country under the GSP programme. The 60-day notice period ended on May 3. As imports from China, current subject to new tariffs, have declined significantly, imports from other GSP beneficiaries have increased in the first quarter of 2019. India benefited the most from this as 97 per cent of its increased 2019 GSP imports are on the China Section 301 lists.

 
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