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The preferential treatment brought India an annual “actual benefit” of just $190 million, he told reporters. Of the 3,700 products covered, India used the concession for just 1,784, Wadhawan added. “The benefit to industry is low, U.S. tariffs are already low,” said another government official, who spoke on condition of anonymity. “GSP is more symbolic of the strategic relationship, not in value terms.”. Still, some expect the move to ratchet up pressure on India to address U.S. concerns gucci interlocking g cufflinks.

“The Indian government hasn’t engaged enough to address market access issues,” said Chuck Grassley, a Republican from Iowa and Chairman of the Senate Finance Committee. “For the sake of the many Americans and Indians who relied on GSP benefits, I hope that India will work to quickly address these legitimate concerns.” gucci interlocking g cufflinks. Despite its limited impact, the GSP removal could hurt Modi’s Hindu nationalist ruling party ahead of the election, expected in the next couple of months..

“It can become a political issue in an election year,” said the official who declined to be named. Modi’s own relationship with Trump has been limited, with their meetings less frequent than those of Chinese President Xi Jinping with Trump, for example. Trade ties with the United States suffered after India adopted new rules on e-commerce curbing how internet retail majors Amazon.com Inc and Walmart Inc-backed Flipkart do business gucci interlocking g cufflinks. That followed a drive by New Delhi to force global card payments companies such as Mastercard Inc and Visa Inc to move their data to India and higher tariffs on electronic products and smartphones..

In 2017, the United States protested against India’s decision to cap prices of medical devices. Last week, India delayed until April 1 higher tariffs on some U.S gucci interlocking g cufflinks. imports announced in response to a U.S. refusal to exempt it from new steel and aluminum tariffs. “Despite intensive engagement, India has failed to take the necessary steps to meet the GSP criterion,” USTR said. The agency estimates the United States ran a goods and services trade deficit of $27.3 billion with India in 2017..

India’s top GSP exports to the United States in 2017 included motor vehicle parts, ferro alloys, precious metal jewelry, building stone, insulated cables and wires, said business grouping the Confederation of Indian Industry. “Some industries which are highly export-oriented to the American markets would be impacted, like pharma or textiles,” said Siddharth Sedani, equity advisory head at brokerage Anand Rathi. India’s falling trade deficit with the United States is estimated to have narrowed by more than $4 billion in 2018, the trade ministry said, adding it would fall further on growing demand for energy and civilian aircraft gucci interlocking g cufflinks.