The move is the latest push by the Trump administration to redress what it considers to be unfair trading relationships with other countries.
That sentiment has fuelled a damaging trade war between Washington and Beijing. Negotiations are ongoing to resolve the dispute that has seen both sides impose billions of dollars worth of tariffs on one another's goods.
The US has also imposed tariffs on steel and aluminium imports from countries around the world. Last year, India retaliated to those tariff hikes by raising import duties on a range of goods.
The move to end US preferential status for India comes at a challenging time for India's Prime Minister Narendra Modi as he prepares to face elections this year.
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