New Delhi (CNN Business)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.
