GSP Status Revoked (2019): In June 2019, the United States ended India’s preferential trade status under the Generalized System of Preferences (GSP) program.
Impact: This meant the removal of duty-free treatment for certain Indian exports to the US, valued at an estimated $5.6 billion annually, affecting sectors like pharmaceuticals, textiles, and agriculture.
One of my earlier posts which you questioned ...
-True. In 2024, tariffs were 2.4%.-