Trump imposes a $260 million penalty on India on the eve of his visit

'...On February 10, 2020, the US removed India among some others from its list of developing countries that are exempt from investigations into whether they harm American industry with unjust subsidised exports. The US eliminated its special preferences for a list of self-declared developing countries that includes India. The Generalized System of Preferences (GSP) is America’s oldest preferential trade scheme, which offered Indian exporters tariff-free access. This move by the US to take off India from the list of developing nations is expected to stop all chances of India reclaiming its benefits under the GSP scheme. According to the data from the United States Trade Representative's (USTR) office, India is the largest beneficiary nation under the GSP, with total benefits from tariff exemptions amounting to $260 million in 2018...'