Economics
India Roiled as Trump Yanks Its Status as a Developing Nation
- He says India has not provided ‘reasonable’ access to markets
- Indian lawmakers say brace for an economic crisis may ensue
This article is for subscribers only.
President Donald Trump opened another potential front in his trade war on Friday, terminating India’s designation as a developing nation and thereby eliminating an exception that allowed the country to export nearly 2,000 products to the U.S. duty-free.
“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. “Accordingly, it is appropriate to terminate India’s designation as a beneficiary developing country effective June 5, 2019.”