On March 4, the Office of the U.S. Trade Representative announced its intent to terminate GSP for India and Turkey. According to the release:
“India’s termination from GSP follows its failure to provide the United States with assurances that it will provide equitable and reasonable access to its markets in numerous sectors. Turkey’s termination from GSP follows a finding that it is sufficiently economically developed and should no longer benefit from preferential market access to the United States market.”
India’s inclusion in GSP saves American companies more than any other country, while Turkey was the seventh-largest source for GSP program users (by tariff savings). Combined, these actions would raise tariffs on American companies by $300-$400 million annually.
No decisions were announced for other countries under review (e.g., Indonesia, Thailand, etc.) at this time.
