As the U.S. and China are reportedly close to ending their trade dispute, it appears Washington is now kicking off potentially new trade wars elsewhere.<br />For more on this and other news around the world we turn to our Ro Aram…<br />Aram… President Trump is set to end preferential trade statuses for India and Turkey….<br /><br />That's right Mark… the moves comes as the Trump administration is trying to fix what it sees as unfair trade practices. <br />The Office of the US Trade Representative made the announcement through a statement on Monday.<br />President Trump noted that for India, New Delhi failed to assure the U.S. it would provide reasonable access to its markets.<br />For Turkey, Trump said the country is "sufficiently economically developed" and no longer qualifies for what is known as Generalized System of Preferences (GSP) - a U.S. trade program that gives developing countries duty-free access to the American market.<br />Both countries are expected to be removed from the program within 60 days. <br />Turkey's trade minister slammed the move, saying it is inconsistent with the two countries' aim to increase annual bilateral trade to $75 billion.<br />He also said the decision would only harm American SMEs.<br />India's commerce ministry played down the impact of the decision saying it won't make a significant difference.<br />India currently enjoys 5.6 billion dollars of duty-free exports to the U.S.<br />The ministry also disputed Trump's claim that India is a "high-tariff" country, adding New Delhi's import tariffs on American goods are in line with WTO rates. <br />
