Obama punishes Argentina, rewards South Sudan with trade program

President Obama on Monday announced that he has removed Argentina as a developing country that can benefit from the Generalized System of Preferences (GSP) program, which allows for duty-free access to the U.S. market for imported goods.

Obama said it is appropriate to suspend Argentina from the program because that country has "not acted in good faith in enforcing arbital awards in favor of United States citizens or a corporation, partnership, or association that is 50 percent or more beneficially owned by United States citizens."

In the same announcement, Obama said he would recognize the Republic of South Sudan as a country that can benefit from GSP.

Obama's announcement, which was read on the House floor shortly after 2 p.m., said the decision to remove Argentina from the program would take effect in 60 days, and that South Sudan would be added as a beneficiary country after 20 days.

Obama's proclamation included several other technical changes related to the implementation of various trade agreements, including the U.S.-Korea Free Trade Agreement and the the Central American/Dominican Republican agreement, and the Haiti Economic Lift Program act.