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President Trump notified the House and Senate Monday that he intends to end a preferential trade status for India.

In a letter to Congressional leaders, Trump said he was ending "the designation of India as a beneficiary developing country under the Generalized System of Preferences (GSP) program."

Trump said the move comes because "India has not assured the United States that it will provide equitable and reasonable access to the markets of India."

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The GSP program provides for duty free imports from poorer countries on a list of several thousand products.

India's status under the program was put under review last year.

The world's second most populous country after China has enticed expansion efforts from the likes of Amazon (AMZN) - Get Amazon.com, Inc. Report and Walmart (WMT) - Get Walmart Inc. Report hoping to capture business from a growing middle-class in the country.

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