Bangladesh secures US ‘nod’ for tariff reduction: Report
Commerce Secretary Mahbubur Rahman stated that the 35% tariff rate would be "substantially lowered."
US Signals Willingness to Cut Tariffs on Bangladeshi Imports: Report
US officials have shown openness to lowering the proposed 35% additional tariffs on Bangladeshi imports, according to a media report.
Following the first day of the third round of negotiations in Washington, Commerce Secretary Mahbubur Rahman told reporters the tariff rate would be “significantly reduced,” though the revised rate has not yet been finalized.
The five-hour talks were held from 12:30pm to 5:30pm local time.
Further negotiations are scheduled for July 30 and 31, with the Bangladeshi delegation expected to return home on August 3.
Commerce Adviser Sheikh Bashir Uddin is leading the delegation, aiming to convince the US to withdraw or reduce the additional 35% tariffs, which are set to take effect on August 1.
The proposed tariff would come on top of the existing 15% duty on Bangladeshi exports to the US, raising the average rate to 50%. Industry experts warn that the additional tariffs could severely impact Bangladesh’s garment sector, which is heavily dependent on the US market.
US President Donald Trump announced the new tariffs on July 7, granting Bangladesh until August 1 to reach a trade deal that would improve US access to its market.
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