The US removed India from its list of developing countries that are exempt from investigations into whether they harm American industry with unfairly subsidised exports. The United States Trade Representative (USTR) eliminated a host of countries including Brazil, Indonesia, Hong Kong, South Africa and Argentina.
The US removed India from the list on account of it being a G-20 member and having a share of 0.5% or more of world trade. The move has cast a shadow on India being able to restore preferential benefits under the Generalised System of Preference (GSP) as part of its trade talks with the US, as only developing countries are eligible for it. India’s share in global exports was 1.67% in 2018. In global imports, it was 2.57%.
Important takeaways for all competitive exams:
- Capital of the USA: Washington, D.C.
- President of USA: Donald Trump.