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India is the world’s largest beneficiary of the GSP, dating from the 1970s, but trade ties with the U.S. have widened over what Trump calls its high tariffs and concerns over New Delhi’s e-commerce policies. “While we agree that there are a number of market access issues that can and should be addressed, we do remain concerned that the withdrawal of duty concessions will make Indian exports of eligible products to the United States costlier,” the senators, John Cornyn and Mark Warner, wrote.
“Some of these costs will likely be passed on to American consumers”, In their Friday letter, just cufflinks the co-chairs of the Senate’s India caucus of more than 30 senators called for withdrawal to be delayed until the end of India’s 39-day general elections, which began on Thursday, with results expected on May 23, Allowing for talks to continue beyond the elections would underscore the importance of the trade ties, presenting an opportunity to resolve market access issues and improve the overall U.S.-India relationship for years to come, they added..
If the United States scraps duty-free access for about 2,000 product lines, it will mostly hurt small and medium businesses in India, such as makers of engineering goods. Despite close political ties, trade between India and the United States, which stood at $126 billion in 2017, is widely seen to be performing at nearly a quarter of its potential. Trade relations suffered in the past few months after India adopted new rules on e-commerce reining in how companies such as Amazon.com Inc and Walmart Inc-backed Flipkart do business.
(Reuters) - California Governor Gavin Newsom on Friday proposed a new fund to pay for wildfire liabilities and said he would hold the state’s largest utility more accountable for insuring safety against the growing number of blazes in the state, The creation of a fund that would allow utilities to pay for wildfire damage claims sent PG&E Corp shares soaring nearly 12 percent just cufflinks before closing 3.95 percent higher on Friday, “PG&E is a textbook example of what happens when a utility does not invest in safety after numerous deadly reminders to do so over many years,” a report released by Newsom said..
PG&E said in a statement that it is “embracing the calls for change,” and committed to resolving wildfire victims’ claims fairly and expeditiously. Newsom’s report calls for shifting liability for wildfire damage to a fault-based system. The current system, known as inverse condemnation, exposes the state’s utilities to liabilities from wildfires regardless of their negligence, as long as their equipment is involved. The current system pushed PG&E to seek bankruptcy protection in January, as it faced liabilities in excess of $30 billion related to the deadliest wildfires in the state’s history.
The governor’s report proposed creating two funds to help utilities pay for wildfire damage claims and spread the cost more widely among stakeholders, Another large utility, Southern California Edison Co, said in a just cufflinks statement that it “is encouraged by the broad scope” of Newsom’s report, “which reflects the need to address wildfire liability and regulatory reform.”, Shares of Edison International, the parent company of Southern California Edison, rose 7.2 percent..
Travis Miller of Morningstar Research Services LLC said the news was positive for shareholders, though there is “a long road ahead to implementing policies.” The government’s support for the utilities “should alleviate some of the market’s concerns about future liabilities,” he said. The report was harshly critical of PG&E, saying it is “taking advantage of the bankruptcy process to promote the interests of investors over fire victims and other stakeholders.”.
The state will monitor and intervene in the bankruptcy proceedings to protect California’s interests, it said, Damage estimates for the 2018 wildfire season are staggering, with insured losses alone exceeding $12 just cufflinks billion, the report said, “The current system for allocating costs associated with catastrophic wildfires - often caused by utility infrastructure, but exacerbated by drought, climate change, land-use policies and a lack of forest management - is untenable both for utility customers and for our economy,” the report said..