Top Bangladesh official optimistic US tariffs to significantly reduce
He had hinted at the possibility of bringing the rate down to 15-20 per cent earlier.
Bangladesh Commerce Secretary Mahbubur Rahman, in Washington for tariff-related talks, is still optimistic that US tariffs on goods from his country would significantly reduce. The 35-per cent additional US tariffs on Bangladesh will take effect tomorrow, while the third round of talks concluded yesterday without any breakthrough. The RMG sector would be hit the hardest if the new tariffs take effect.
The 35-per cent additional US tariffs on goods from Bangladesh are set to take effect tomorrow, while the third round of talks on the issue concluded in Washington yesterday, but reportedly without any visible breakthrough.
As the interim government has ordered 25 Boeing aircraft from the United States despite the previous government's commitment to purchase 10 Airbus A350 planes from a French company made during President Emmanuel Macron's visit to Bangladesh in 2023, it is being widely believed in Bangladesh that the tariffs will be brought down to a more acceptable level, a domestic media outlet reported.
Bangladesh has finalised a deal with US Wheat Associates to import 700,000 tonnes of wheat annually for the next five years.
It has also initiated imports of US LNG and cotton and offered zero import duty on selected American goods. Local traders have been encouraged to source more products from the US market as part of these balancing efforts.
These measures reflect the country's efforts to address the trade imbalance with the United States.
US imports from Bangladesh last year totalled $8.4 billion, while its exports to Bangladesh amounted to just $2.2 billion.
The readymade garments sector would be hit the hardest if the new tariffs take effect on August 1. Without a free trade agreement, the steep tariff will erode the competitiveness of Bangladesh garments in the United States.
Fibre2Fashion News Desk (DS)
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