Latest news with #USWheatAssociates
Free Malaysia Today
22-07-2025
- Business
- Free Malaysia Today
Bangladesh signs US wheat-import deal in bid to curb tariff pressure
Bangladesh signed a deal to import 700,000 tonnes of wheat annually from the US over the next five years. (EPA Images pic) DHAKA : Bangladesh signed a deal on Sunday to import 700,000 tonnes of wheat annually from the US over the next five years, in a move aimed at securing tariff relief from the Trump administration amid growing trade tensions, officials said. The agreement – formalised through a memorandum of understanding inked in Dhaka between the food ministry and trade group US Wheat Associates – comes at a critical moment, with Washington set to impose a 35% tariff on Bangladeshi exports from Aug 1. Officials in Dhaka hope the pact will help narrow Bangladesh's US$6 billion trade deficit with the US and pave the way for more-favourable treatment of key export items, particularly garments, which dominate shipments to the US. Bangladesh's de facto food minister, Ali Imam Majumder, said at the signing ceremony that the agreement would not only ensure a steady supply of high-quality wheat at competitive prices but also strengthen trade ties between the two nations. 'This step reflects our willingness to build mutual trust and deepen economic cooperation with the US,' he said. The US tariff hike has rattled Bangladesh's export sector, especially the ready-made garments industry, which fears losing competitiveness in one of its largest markets. The wheat initiative is widely seen as part of a broader diplomatic and trade strategy to soften Washington's stance and open the door for further negotiations. Officials from the commerce ministry said talks are ongoing with US counterparts in an effort to lower the duty, arguing that such high tariffs could significantly undermine Bangladesh's competitiveness in the American market. Bangladesh imports around 7 million tonnes of wheat each year, with the bulk sourced from the Black Sea region due to its lower cost. Smaller volumes of higher-quality wheat, including some from the US, are also imported for blending.
Bloomberg
21-07-2025
- Business
- Bloomberg
Bangladesh Plans to Purchase US Wheat as Tariff Threat Looms
Bangladesh has signed an initial agreement with US wheat growers to import 700,000 tons of the grain annually over five years as Dhaka faces the threat of steep US tariffs. A memorandum of understanding was signed on Sunday between the Directorate General of Food and the US Wheat Associates, a trade group representing American growers, according to a statement from Bangladesh's food ministry.
Business Recorder
21-07-2025
- Business
- Business Recorder
BD signs US wheat-import deal in bid to curb tariff pressure
DHAKA: Bangladesh signed a deal on Sunday to import 700,000 tonnes of wheat annually from the United States over the next five years, in a move aimed at securing tariff relief from the Trump administration amid growing trade tensions, officials said. The agreement — formalised through a memorandum of understanding inked in Dhaka between the Ministry of Food and trade group US Wheat Associates — comes at a critical moment, with Washington set to impose a 35% tariff on Bangladeshi exports from August 1. Officials in Dhaka hope the pact will help narrow Bangladesh's $6 billion trade deficit with the US and pave the way for more-favourable treatment of key export items shipments to the United States.
The Sun
20-07-2025
- Business
- The Sun
Bangladesh secures US wheat deal to ease tariff pressure
DHAKA: Bangladesh has finalised an agreement to import 700,000 tonnes of wheat annually from the United States for the next five years, a strategic move to ease trade tensions ahead of impending US tariffs. The deal, formalised through a memorandum of understanding between Bangladesh's Ministry of Food and US Wheat Associates, seeks to stabilise trade relations as Washington prepares to impose a 35% tariff on Bangladeshi exports starting August 1. Officials in Dhaka view the pact as a crucial step to narrow Bangladesh's $6 billion trade deficit with the US and secure better terms for key exports, particularly garments, which dominate shipments to the American market. 'This agreement ensures a steady supply of high-quality wheat at competitive prices while reinforcing economic cooperation,' said Ali Imam Majumder, Bangladesh's de facto food minister, during the signing ceremony. The looming US tariff hike has raised concerns among Bangladeshi exporters, especially in the ready-made garments sector, which fears losing market share in one of its largest destinations. The wheat deal is seen as part of a broader diplomatic effort to soften Washington's stance and create room for further negotiations. Commerce Ministry officials confirmed ongoing discussions with US counterparts to lower the proposed duty, warning that high tariffs could severely impact Bangladesh's competitiveness. Currently, Bangladesh imports around 7 million tonnes of wheat yearly, primarily from the Black Sea region, supplemented by smaller quantities of premium-grade US wheat for blending. - Reuters
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Business Standard
20-07-2025
- Business
- Business Standard
Bangladesh signs US wheat-import deal in bid to curb tariff pressure
Bangladesh signed a deal on Sunday to import 700,000 tonnes of wheat annually from the United States over the next five years, in a move aimed at securing tariff relief from the Trump administration amid growing trade tensions, officials said. The agreement formalised through a memorandum of understanding inked in Dhaka between the Ministry of Food and trade group US Wheat Associates comes at a critical moment, with Washington set to impose a 35 per cent tariff on Bangladeshi exports from August 1. Officials in Dhaka hope the pact will help narrow Bangladesh $6 billion trade deficit with the US and pave the way for more-favourable treatment of key export items, particularly garments, which dominate shipments to the United States. Bangladesh's de facto food minister, Ali Imam Majumder, said at the signing ceremony that the agreement would not only ensure a steady supply of high-quality wheat at competitive prices but also strengthen trade ties between the two nations. This step reflects our willingness to build mutual trust and deepen economic cooperation with the United States, he said. The wheat initiative is widely seen as part of a broader diplomatic and trade strategy to soften Washington stance and open the door for further negotiations. Officials from the Ministry of Commerce said talks are ongoing with US counterparts in an effort to lower the duty, arguing that such high tariffs could significantly undermine Bangladesh competitiveness in the American market. Bangladesh imports around 7 million tonnes of wheat each year, with the bulk sourced from the Black Sea region due to its lower cost. Smaller volumes of higher-quality wheat, including some from the United States, are also imported for blending.
