By Tyler Durden | 1 June 2019
ZERO HEDGE — President Trump has a victory present for newly re-elected Prime Minister Narendra Modi — and it’s the economic equivalent of a flaming bag of shit on India’s doorstep.
In his latest act of aggressive protectionism in what has already been an action-packed week, Trump late Friday announced that his administration was terminating India’s designation as a developing nation under a trade program that allowed Indian exporters to ship 2,000 products into the US duty free. The decision to revoke India’s preferential trade status, which mirrors Trump’s decision to revoke Turkey’s status under the program a few weeks back, comes one day after Modi was sworn in for a second term.
Under the decades-old program — known as the Generalized System of Preferences — Indian companies were able to avoid some $5.7 billion in duties back in 2017. […]