Taxonomy: Trade Compliance

U.S. to remove India and Turkey from GSP

Trump administration says India failed to meet certain conditions to stay in program, while Turkey no longer needs preferential trade access to the U.S. market.

U.S. to remove India and Turkey from GSP

Trump administration says India failed to meet certain conditions to stay in program, while Turkey no longer needs preferential trade access to the U.S. market.

U.S. to remove India and Turkey from GSP

Trump administration says India failed to meet certain conditions to stay in program, while Turkey no longer needs preferential trade access to the U.S. market.

 

   The Trump administration intends to remove India and Turkey from the Generalized System of Preferences (GSP) program, which grants duty-free access to certain developing countries’ exports to the U.S.
    The administration said India’s termination from the GSP is the result of the country’s “failure to provide the United States with assurances that it will provide equitable and reasonable access to its markets in numerous sectors.”
    The U.S. began an eligibility review of India’s compliance with the GSP market access criterion in April 2018. India has imposed numerous trade barriers that “create serious negative effects” on U.S. commerce, the Office of the U.S. Trade Representative said.
    To remain in the GSP, countries must respect arbitral awards in favor of U.S. citizens or corporations, combat child labor, respect worker rights, provide adequate intellectual property protection and provide the U.S. with reasonable market access.

   Turkey’s proposed termination from the GSP follows a USTR finding that the country is sufficiently economically developed and requires no preferential market access to the U.S. market. The country has been enrolled in the GSP since 1975.
    By statute, these changes may not take effect until at least 60 days after the notifications to Congress and the governments of India and Turkey and will be enacted by a presidential proclamation.

We’re spending about $15 billion a year more from the [federal highway] trust fund than we’re bringing in revenue, and that kind of imbalance between revenue and spending can’t continue.
 

Spot container rates from Shanghai to Los Angeles stood at $1,335 per FEU as of May 23, down 2% year-over-year, while rates from Shanghai to New York totaled $2,656 per FEU, up 8% year-over-year, according to Drewry’s World Container Index.

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U.S. to remove India and Turkey from GSP

Trump administration says India failed to meet certain conditions to stay in program, while Turkey no longer needs preferential trade access to the U.S. market.

Mar 05, 2019 on Dec 27, 2018AmericanShipper.com

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U.S. to remove India and Turkey from GSP

Trump administration says India failed to meet certain conditions to stay in program, while Turkey no longer needs preferential trade access to the U.S. market.

Mar 05, 2019 on Dec 27, 2018AmericanShipper.com