President Trump is ending a preferential trade status for India and Turkey, effective in about 60 days, U.S. Trade Representative Robert Lighthizer announced Monday.

The Generalized System of Preferences (GSP) allows countries to export up to $5.6 billion in goods to the U.S. duty-free. India, the program's largest beneficiary, shrugged off the news. "It's meant for least-developed countries, and India has graduated out of that," said Monideepa M. Mukherjee, a spokeswoman for India's commerce ministry, adding that India will hold off on retaliatory tariffs.

Turkey was less sanguine, slamming the decision as harmful to Turkish and American small and medium businesses. Trump complains frequently about trade deficits.