US tariffs: CA Yunus calls emergency meeting at 7:30pm today
Top experts, advisers, and officials will join the meeting
Chief Adviser (CA) of the interim government Muhammad Yunus has convened an emergency meeting at the State Guest House Jamuna at 7:30pm this evening (4 April) to discuss the US tariff issue.
Top experts, advisers, and officials will join the meeting, CA's Press Secretary Shafiqul Alam said in a statement posted on his verified Facebook profile this afternoon.
On Thursday (3 April), US President Donald Trump announced that he will impose reciprocal tariffs to match duties put on US goods by other countries, in a move that ratchets up a trade war that he kicked off on his return to the White House.
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During an event in the White House Rose Garden, the US president displayed a poster that listed reciprocal tariffs, including 37% on Bangladesh, 26% on India, 34% on China and 20% on the European Union, as a response to duties put on US goods.
Trump also said he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country's biggest trading partners.
Following the announcement of the tariff, the Chief Adviser's Press Wing said Bangladesh is reviewing its tariffs on products imported from the United States.
"The National Board of Revenue is identifying options to rationalise tariffs expeditiously, which is necessary to address the matter," Shafiqul Alam said in a press statement posted on his Facebook just a few hours after the US tariff announcement.
The statement noted that the United States is a close friend of Bangladesh and the country's largest export destination.
"We have been working with the US since the Trump Administration took over to enhance trade and investment cooperation between our two countries. Our ongoing work with the US government is expected to help address the tariff issue," adds the statement.
In response to the US imposing a 37% tariff on Bangladeshi imports, the government plans to revise its import policy by easing non-tariff barriers to facilitate US exports, while CA Yunus remains hopeful of positive progress in resolving the tariff issue through talks with the US government.
Bangladesh will also take steps to simplify investment and business processes while negotiating tariff reductions through bilateral talks with the US and strengthening domestic competitiveness, according to finance and commerce ministry sources.
Finance Adviser Salehuddin Ahmed instructed his ministry's relevant departments to conduct a thorough assessment and take necessary measures.
Meanwhile, Commerce Adviser Sheikh Bashir Uddin is scheduled to meet with Tracey Ann Jacobson, the acting US ambassador in Dhaka, on Sunday (6 April), and the commerce secretary will also attend the discussion.
The decisions were taken at an urgent meeting between the finance and commerce advisers on Thursday following the announcement of the new US tariff policy.
