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India again postpones US tariffs on high-value goods with eye on GSP

India is the largest beneficiary nation under the GSP, having exported goods worth $5.6 billion to the US in 2017-18

trade, import, export, shipping

India — for an unprecedented seventh time — on Thursday postponed the proposed higher tariffs on high-value goods from Washington, with tariff-free access to the United States (US) markets at stake. Officials said the government decided to extend the deadline one last time as it awaits a final confirmation from the US on whether it would formally discontinue all tariff benefits to India under its largest preferential trade scheme, the Generalized System of Preferences (GSP). The government is hoping for a change in the US’ stand on the GSP next week when US ...