Trump imposes 35pc tariff on Bangladeshi products
Bangladesh eyes trade deal with US, says press secretary
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Dhaka hopes to reach a trade agreement with the United States to reduce the tariff rate following President Donald Trump’s announcement of imposing a 35 per cent supplementary duty on Bangladeshi products after a three-month suspension.
Sharing the information on Facebook on Tuesday, Chief Advisor's Press Secretary Shafiqul Alam wrote: “Dhaka expects a tariff agreement with Washington, DC, and we are hopeful that it will be mutually ‘beneficial’ for both countries.”
On Monday, Trump sent letters to 14 countries, including Bangladesh, announcing the new tariff rate.
Until now, the average tariff on Bangladeshi goods entering the US was 15 per cent.
The hardest-hit sector will be Bangladesh’s readymade garments sector, as the US is its largest export market, reports bdnews24.com.
Shafiqul said, “Commerce Advisor Sheikh Bashir Uddin is currently in Washington, DC and leading trade discussions with the US. National Security Advisor Khalilur Rahman is also part of the delegation.”
“Bangladesh received a letter from US President Donald Trump stating that a 35 per cent tariff will be levied on Bangladeshi products effective from Aug 1,” he added.
There have already been several rounds of discussions with the US, and more are scheduled.
“Another round of talks between the Bangladeshi delegation and US representatives is scheduled for Jul 9,” he said.
After returning to the power for a second term, Trump announced steep tariff hikes on products from over a hundred countries on Apr 2. Bangladesh was hit with a proposed 37 per cent additional tariff.
Amid growing concern, Chief Advisor Muhammad Yunus sent a letter to Trump requesting a review of the supplementary tariff.
Citing measures to reduce trade deficits between the countries, the letter appealed for a three-month suspension in implementing the decision.
Like Bangladesh, several other countries began negotiations with the US to reduce tariff rates. Some countries even announced plans to bring US tariffs down to near-zero levels.