Washington (CNN Business) US President Donald Trump announced plans Monday to end special trade treatment for India, accusing it of unfairly shutting out American businesses. In a letter to Congress, Trump signaled his intent to remove India from a program that gives developing countries easier access to US markets. The notice comes just weeks before before Indian Prime Minister Narendra Modi faces a general electionTrump has repeatedly slammed Indian duties on US goods. Now, he's moving to take India out of the preferential trade program, known as the Generalized System of Preferences (GSP), which lowers US duties on exports from 121 developing countries. India was the biggest beneficiary of the program in 2017, according to US data, with exemptions on goods worth $5.6 billion.

Source: CNN March 05, 2019 05:09 UTC