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1 year ago
From CNN

India is a massive business opportunity for America

The United States has been tightening the screws on several allies in an escalating global trade battle. India is its latest target. President Donald Trump on Friday announced the South Asian country's removal from a special trade program, saying it had "not assured the United States that India will provide equitable and reasonable access to its markets." The program, known as the Generalized System of Preferences, exempted Indian goods worth more than $6 billion from import duties in 2018, according to the Congressional Research Service. Here's what's at stake, and why the two countries still need each other.

One of President Trump's biggest priorities has been reducing the United States' trade deficits with countries around the world, and its $142 billion trading relationship with India is skewed in favor of India. India exported goods worth around $54 billion to the United States in 2018 and bought $33 billion worth of American goods, according to US government data. And the goods that do come into India are subject to duties that can be as high as 150%. Trump has repeatedly slammed India's tariffs on products like motorcycles and whiskey, and his decision to revoke trade privileges for India followed complaints from American dairy farmers and medical device manufacturers that tariffs were hurting their exports.

Another source of friction is the Trump administration's crackdown on H-1B work visas used by the US tech industry, the majority of which go to Indian workers. The crackdown has impacted companies like TCS, Infosys (INFY) and Wipro (WIT) in India's huge outsourcing industry, which is another big driver of bilateral trade. Trade in services between the two countries totalled $54.6 billion last year.

 
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