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What will happen now that India is removed from US preference trade list?

India is no more a part of the US preference trade list and this could be a big blow for India in several categories including engineering, garments and intermediary goods in the American market. Through the GSP, the US promotes economic development by allowing duty-free entry for thousands of products from the beneficiary countries. Trump has called India a 'high tariff country' and demanded a reciprocal tax.