Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
The government plans to send a letter to Washington seeking clarity on the implications of its trade deal after the US Supreme Court struck down President Donald Trump’s retaliatory tariffs.
Commerce Secretary Mahbubur Rahman told bdnews24.com the letter may be issued by Monday.
During his second term, Trump had imposed varying supplementary tariffs on imports from multiple countries, finalising rates after months of negotiations.
Under the Feb 9 agreement with Bangladesh, the supplementary tariff had been set at 19 percent, bringing the total to 34 percent.
Trump had applied these tariffs using the 1977 International Emergency Economic Powers Act (IEEPA), which the US Supreme Court on Friday invalidated, ruling that the law does not grant the president unilateral authority to impose tariffs.
Following the ruling, questions arose about the status of trade deals with countries including Bangladesh.
“After the judgement, their power to impose retaliatory tariffs has been curtailed,” Mahbubur said.
“Now we need clarity on the status of our deal. The US has said it will apply tariffs under laws 122, 232, or 301 at roughly 10 percent until a decisive ruling, expected by the 24th [of February].”
On Bangladesh’s next steps, he said, “I haven’t sent the mail yet; I will send it in the next couple of days. We want to clarify the status of the agreement.”
The deal, part of the ART framework, covers purchases of Boeing aircraft and other goods, including wheat, cotton, and soybeans.
While the outgoing caretaker government claimed the agreement as an achievement, it faced criticism for some strict US-imposed conditions.