“I am taking this step because, after intensive engagement between the United States and the government of India, I have determined that India has not assured the United States that it will provide equitable and reasonable access to the markets of India,” Trump said in a letter to congressional leaders. The preferential trade treatment brings “actual benefit” of just $250 million a year to India, however, a government source said in the capital, New Delhi, adding that it hoped the planned withdrawal would not lead to trade hurdles. “India has implemented a wide array of trade barriers that create serious negative effects on United States commerce,” the USTR said. Most of the exports were intermediate goods not produced in the United States because they are low in the manufacturing value chain, it added. The U.S. goods and services trade deficit with India was $27.3 billion in 2017, the U.S. Trade Representative’s Office said.

Source: Pakistan Today March 05, 2019 04:30 UTC