Donald Trump lands $5.6 bn trade blow on India

Agencies
June 2, 2019

Washington, Jun 2: The second term of the Narendra Modi government seems to have got off to a rocky start on the economic front.

After India lost the tag of world’s fastest growing economy following dismal growth in the quarter ending March, Saturday brought in more troubling news, as US President Donald Trump terminated India’s designation as a beneficiary developing nation from June 5, ending the country’s $5.6 billion trade concessions under the key Generalized System of Preference (GSP) programme.

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.

“I have determined that India has not assured the US that it will provide equitable and reasonable access to its markets. Accordingly, it is appropriate to terminate India’s designation as a beneficiary developing country effective June 5, 2019,” Trump said in a proclamation on Friday ignoring the plea made by several top American lawmakers.

Decision ‘unfortunate’

In reaction, the Modi government termed the US administration’s decision as “unfortunate”.

At the same time, India made it clear that it would continue to build strong economic ties with the US keeping in view its development imperatives and the aspiration of Indians for better standards of living.

In a statement, the Ministry of Commerce and Industry said the Generalised System of Preferences (GSP) were unilateral, non-reciprocal and non-discriminatory benefits extended by some developed countries to developing countries.

It noted that India, as part of its bilateral trade discussions, had offered resolution on significant US requests in an effort to find a mutually acceptable way forward.

“It is unfortunate that this did not find acceptance by the US,” the statement said adding that India shall always uphold its national interest in these matters.

“We have significant development imperatives and concerns and our people also aspire for better standards of living. This will remain the guiding factor in the Government’s approach,” the statement said.

The US had been allowing preferential duty-free imports of up to $5.6 billion a year from India, making New Delhi the biggest beneficiary of the GSP programme.

Under the GSP programme, nearly 2,000 products including auto components and textile materials can enter the US duty-free if the beneficiary developing countries met the eligibility criteria established by the US Congress.

On March 4, Trump had announced that the US intended to terminate concessions extended to India under the GSP programme.

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News Network
November 5,2024

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Washington: The race between Democratic leader Kamala Harris and her Republican rival Donald Trump for the White House has been truly unprecedented as it saw drama, tragedy, political comebacks, fierce rhetoric and a historically razor-tight contest.

As the fight reaches its crescendo with the big election day just a few hours away, many political observers billed the unpredictable race for the 47th President of the US as the most consequential one in decades while appearing to project a grim picture for the country’s future under a Trump presidency.

In her final days of campaign, Vice President Harris focused on a message of hope, unity, optimism and women rights whereas Trump remained fiercely combative in targeting his Democratic rival and even suggested that he may not accept the election outcome in case of a defeat.

Overall, it has been a roller-coaster ride for both 60-year-old Harris and 78-year-old Trump.

Trump received his party’s nomination in March and formally at the Republican National Convention (RNC) in July — in a historic comeback after remaining in political wilderness for months following several court cases.

In effect, he became the first former president to get the nomination for the top office on the planet after being convicted of a felony.

“Trump has made one of the biggest political comebacks since Richard Nixon’s in terms of the political struggles that he has had in the last four years,” Communication Strategist Anang Mittal said.

Just days ahead of the RNC, Trump was shot at during a rally in Pennsylvania. He suffered an upper ear injury. Minutes later, a bleeding Trump raised his fist in defiance, images that drew a lot of emotional support from his die-hard supporters.

For Harris too, it has been a dramatic ride after Biden ended his re-election campaign in July, nearly weeks after he came under severe scrutiny following his incoherent performance at a televised debate with Trump.

While dropping out from the race, Biden, 81, endorsed Harris to succeed him as the Democratic candidate.

Finally in August, the Democratic National Convention formally nominated Harris as the party’s candidate for the presidential election.

The presidential election will be a chance to “move past the bitterness, cynicism and divisive battles of the past”, she said in a powerful speech at the Convention.

If Harris wins, she will become the first woman, first Black woman and first person of South Asian descent to become the US President.

In the overall campaign, Harris has been projecting the election as the one to protect the country’s fundamental freedoms, safeguard constitutional values and ensure women’s rights.

On his part, Trump has maintained his signature aggressive rhetoric and promising to rebuild the economy and rid the US from illegal immigrants.

However, there has been strong criticism of the Republican leader’s roadmap to repair the economy.

"Donald Trump is offering a vision of crony rentier capitalism that has enticed many captains of industry and finance,” said Joseph E Stiglitz, a Nobel laureate economist, in a column in Project Syndicate.

"In catering to their wishes for more tax cuts and less regulation, he would make most Americans’ lives poorer, harder, and shorter,” he said.

With election day just a few hours away, there is no clarity on who has a better chance of winning the race.

"The elections are very close. They (the outcome) may change on the basis of a few thousands votes here or there. I think the big issue will be voter turnout tomorrow. That will determine the outcome in certain swing states,” said Executive Director of the US chapter of Observer Research Foundation Dhruva Jaishankar.

Kapil Sharma, a non-resident senior fellow at Atlantic Council’s Middle East Programmes, also echoed similar views.

“This election is probably one of the closest elections that I can remember. I have been working in Washington for over 30 years and I don’t recall an election being this tight,” he said.

More than 78 million Americans have already cast their votes as of Sunday, according to the University of Florida’s Election Lab that tracks early and mail-in voting across the US.

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News Network
November 4,2024

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Hundreds of Israeli settlers conducted a brutal attack in the occupied West Bank city of Ramallah.

The settlers set fire to numerous homes and vehicles of Palestinians and then moved to the main road connecting Ramallah to other cities, targeting Palestinian cars passing by.

They stormed the city of al-Bireh, near Ramallah, and burned Palestinian property and vehicles.

A woman sustained injuries after the settlers hurled stones at her vehicle, according to Palestinian news outlets.

Tension has been running high across the West Bank because of Israel’s genocidal war in the Gaza Strip, which has killed at least 43,341 people, mostly women and children, since last year’s October.

The Monday settler attack came as the Palestinian resistance movement Hamas warned of Israel’s plans to annex the West Bank and drive Palestinians out.

“We warn of the grave danger posed by the plans led by the extremist occupation regime and illegal settler groups to displace the residents of Palestinian villages in the occupied West Bank,” Hamas official Mahmoud Mardawi said.

Israel's far-right minister Bezalel Smotrich called for the full annexation of the West Bank and the Gaza Strip last week.

Smotrich asserted that Israel should unequivocally declare there would be no Palestinian state.

He repeated his proposal of expanding Israeli settlements within the West Bank and other occupied territories.

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News Network
November 3,2024

Mangaluru, Nov 3: A quiet morning turned perilous for a farmer in Elathur, near Kinnigoli on the outskirts of the city, as a leopard attacked him while he was cutting grass. 

Ligori, a resident of Kalkare, was startled by the sudden assault and suffered injuries to his face but managed to escape and reach safety. He was promptly taken to the hospital for medical care.

Residents in Elathur have been on edge for over a week following reports of leopard sightings in the area. Today’s incident has heightened concerns among the local farming community, who now fear for their safety.

With a significant population of farmers in the region, villagers are demanding immediate action from the forest department to capture the leopard and ensure their safety. 

The community awaits a response, hoping for swift intervention to prevent further attacks.

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