US wins WTO case against India's export subsidies. Effort to impeach Donald Trump secures the votes to advance into formal, public phase.
A Victory for America at India's Expense: A WTO panel has recommended that India withdraw "prohibited subsidies" within 90-180 days.
The case was brought by the US, which had alleged that India's export subsidy measures to exporters, worth over $7bn, were in violation of WTO norms. The US Trade Representative (USTR) said these measures were unfair on importers and that India's exemption to the WTO rule prohibiting such concessions had expired in 2015.
“... India gives prohibited subsidies to producers of steel products, pharmaceuticals, chemicals, information technology products, textiles, and apparel, to the detriment of American workers and manufacturers,” the USTR said in a statement.
These schemes include the Merchandise Exports from India Scheme (MEIS); Export Oriented Units Scheme and related sector specific schemes (EOU); Special Economic Zones (SEZ); Export Promotion Capital Goods Scheme (EPCG); and a duty free imports for exporters programme (DFIS). HT
Trump in Trouble: Meanwhile, the US House of Representatives has voted 232-196 to launch the next (and formal and public) stage in the effort to investigate President Donald Trump. The impeachment investigation revolves around Trump allegedly threatening to withhold aid to Ukraine unless it opened an official inquiry into the corruption allegations against Joe Biden, Trump's rival and candidate for the Presidential nomination of the opposition Democratic Party.
The divisive vote, which was split along party lines, showed the deep polarisation in Washington.
The impeachment process against Trump is not the first in US history, but it is the first time a first-term President will be subject to such a probe - that too in an election year. Business Today
(We are now on your favourite messaging app – WhatsApp. We strongly recommend you Subscribe Now to start receiving your Fresh, Homegrown and Handpicked News Feed.)