Bangladesh may reduce tariffs on some US products by more than half

Businessmen and economists have called on the government to quickly reduce Trump's tariffs to increase foreign direct investment (FDI) in Bangladesh. 

An hour-long meeting was held at the BIDA office in Agargaon in the capital on Saturday to decide the next steps after Trump's reciprocal tariff announcement.

Country's leading businessmen and economists attended the meeting, presided over by BIDA Executive Chairman Chowdhury Ashiq Mahmud Bin Harun

Recently, as part of the trade war, US President Donald Trump has imposed reciprocal tariffs on products from various countries. A 37 percent tariff has been imposed on Bangladeshi products.

According to sources at the meeting, Bangladesh may offer a 50 per cent tariff reduction on imports of gas turbines, semiconductors and medical supplies from the US. In addition, the policy of importing duty-free products including various grains and cotton, will be continued. Bangladesh is already importing several US products duty-free, including cotton or yarn, broken or whole soybeans, liquefied butane, ocean-going ships, and liquefied natural gas.