Tarique supports interim govt's US tariff deal, wants deeper trade ties

The BNP leader has also lent support to the interim government- negotiated tariff agreement with the US Trump administration, Press Secretary to BNP Chairman Dr. Saleh Shibly told The Financial Express on Friday following Tarique's dialogue with American officials.

The BNP leader expressed his willingness for further bilateral cooperation during the virtual meeting between the BNP and the US Trump administration on the day.

Tarique Rahman and party Joint Secretary-General and Foreign Affairs Adviser to the BNP Chairman Humaiun Kobir took part in the meeting virtually from Chairman's residence from Bangladesh side. US Trade Representative Jamieson Greer, Assistant U.S. Trade Representative for South and Central Asia Brendan Lynch and Director for South and Central Asia Emily Ashby took part in the meeting from the Trump administration Trade representative and his team.

Officials say Bangladeshi exporters are now paying an average of 15-percent regular tariff plus an additional 20 per cent as countervailing tariff, totaling 35 per cent, to access the US market, even after revising down jacked-up reciprocal tariffs.

The United States reduced the reciprocal-tariff rate on products imported from Bangladesh to 20 per cent on July 31 last year from the previously declared 35 per cent after a series of talks over the past month.

The announcement was made by the White House after the final round of the talks between a Bangladesh delegation and US officials in the US capital.

Earlier on April 2 last year, US President Donald Trump announced higher tariffs at 37 per cent citing trade -deficit concerns.

According to the Export Promotion Bureau (EPB) and Bangladesh Bank statistics, the US is the largest market for Bangladesh's garment exports, totaling $8.0 billion annually.

In contrast, Bangladesh imports about $2.0 billion worth of goods from the US.

Sources say the interim government has offered to ramp up the import of different types of products, including liquefied natural gas (LNG), liquefied petroleum gas (LPG), Boeing aircraft, cotton, wheat, soybeans, oilseeds, pulses, and sugar from the US during the trade negotiations.

Bangladesh already has a long-term LNG sale and purchase agreement, or SPA, with US' Excelerate Energy Inc. to purchase 0.85 - 1.0 million tonnes of LNG per year for 15 years beginning January 2026.

The company will deliver 0.85 million mt/y of LNG in 2026 and 2027 and 1.0 million mt/y from 2028 to 2040, under the SPA inked in November 2023.

Besides, US's Argent LNG inked a transformative Heads of Agreement, or HOA, with Bangladesh Investment Development Authority, or BIDA, in January 2025 to supply up to 5.0 million ton/y LNG.

Argent Energy is developing an LNG facility with a capacity of 25 million tonnes per year in Louisiana from where it intends to supply the gas to Bangladesh.

If the Argent LNG project in Port Fourchon is completed, its cargoes could be sold to Petrobangla, a Bangladesh state-owned company, according to the

agreement.

In Bangladesh, the private sector is also free to import LNG and re-gasified LNG (RLNG) under "The LNG or RLNG Infrastructure Installation, Import and Supply Policy 2019 (amended 2023)".

Bangladesh also has planned to import LPG from the US market, LPG Operators Association of Bangladesh President Amirul Haque told the local media.

"The country imports around 1.80 million mt/year of LPG from different countries to meet growing energy demand," he said.

Bangladesh's Ministry of Food also started importing wheat under a deal with US Wheat Associates for the import of 700,000mt high-quality wheat from the US annually as part of a strategy to narrow a $6.0-billion US trade deficit with Bangladesh.

The interim government is also in process to purchase 25 aircraft from US's Boeing airplane maker.

Azizjst@yahoo.com