US President Donald Trump issued proclamations to end Turkey's status as a
beneficiary of the Generalised System of Preferences (GSP) and cut tariffs on
steel from that country in half.
The move follows the announced by
the Trump administration in March that it planned to remove Turkey and India
from the GSP, noting that Turkey is sufficiently economically developed and
requires no preferential market access to the US market. GSP benefits are
reserved for developing and less-developed countries.
The office of the US
Trade Representative (USTR) had said in March that it planned to revoke
India's GSP benefits because of significant trade barriers imposed by the
country.
But unlike Turkey, the Trump
administration has not issued a proclamation revoking India's GSP benefits.
Source : HKSG.
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