Bangladesh Reviewing Tariffs on US Goods

Bangladesh is reviewing the tariffs imposed on goods imported from the United States, according to Shafiul Alam, the Press Secretary to the Chief Advisor. 

In a social media post on Thursday (April 3rd), he stated that the National Board of Revenue (NBR) will quickly explore various options to rationalize the tariff rates.

"The United States is a close friend of Bangladesh and our largest export destination," Shafiul Alam said in his Facebook post. 

"Since the Trump administration took office, we have been working together to enhance trade and investment cooperation between the two countries. We hope that the ongoing discussions with the US government will lead to positive progress in resolving the tariff issue."

He further added, "Bangladesh is reviewing the tariffs imposed on goods imported from the United States. The NBR will quickly explore various options to rationalize the tariff rates, which is very important to resolve this matter."

Earlier on Wednesday (April 2nd) at 4:00 PM local time in Washington (2:00 AM Thursday in Bangladesh), US President Donald Trump announced a minimum 10 percent tariff on most goods imported into the United States during a White House press conference. Additionally, a decision has been made to impose higher tariffs on specific countries.

According to this announcement, tariffs on Bangladeshi products have been increased to 37 percent, up from the previous average of 15 percent.

The United States is one of the major export markets for Bangladesh's ready-made garments, with annual exports reaching approximately $8.4 billion. 

However, last year, garment exports to the US were $7.34 billion. In this situation, industry stakeholders fear that these high tariffs could weaken Bangladesh's competitive advantage.