Bangladesh is currently reviewing its tariff structure on products imported from the United States, as confirmed by the Chief Adviser's Press Wing this morning.
This review comes in the wake of a new trade development where US President Donald Trump unveiled plans to impose a 37% reciprocal tariff on Bangladesh.
In a statement released at 8:32 AM on April 3, Shafiqul Alam, the Press Secretary for the Chief Adviser, emphasized that the National Board of Revenue (NBR) is working swiftly to identify potential measures for rationalizing the tariffs. The aim is to address the matter promptly and effectively, it added.
The statement highlighted the strong relationship between Bangladesh and the United States, with the latter being Bangladesh's largest export destination and a close ally.
"We have been collaborating with the US since the onset of the Trump Administration to bolster trade and investment cooperation," Alam added.
He further emphasized that ongoing efforts with the US government are expected to yield positive results in resolving the tariff issue.
This move comes shortly after President Trump’s announcement that the US would impose reciprocal tariffs on countries that have imposed higher tariffs on American goods. Specifically, Bangladesh, which currently levies a 74% tariff on US imports, will face a 37% "discounted reciprocal tariff."
This action is part of a broader trade strategy aimed at addressing perceived imbalances in international trade agreements.
As outlined by the Trump Administration, this decision is in line with a global strategy targeting several nations with which the US has trade disputes.
In addition to Bangladesh, the US will also impose reciprocal tariffs on other countries, including 26% on India, 34% on China, and 20% on the European Union.
Countries such as Pakistan, Myanmar, Vietnam, Taiwan, and Cambodia will also face significant tariff hikes ranging from 29% to 49%.
President Trump’s aggressive tariff strategy marks a sharp departure from decades of global trade liberalization. The proposed tariffs are expected to significantly disrupt international trade, leading to higher costs for a wide range of products, from bicycles to wine.
The move is anticipated to provoke countermeasures from affected countries, potentially escalating the trade tensions further.
In his remarks during a White House event, President Trump described the initiative as "a declaration of independence," signaling his administration’s intent to reclaim what it views as a fairer balance in global trade relations.
As the situation unfolds, Bangladesh’s response to the US tariffs will be closely watched, with the government working to find solutions that protect its economic interests while maintaining strong ties with the US.
BDST: 1036 HRS, APR 03, 2025
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