US tariffs: Business leaders urge swift govt action at meeting with Bida
Leading businessmen of the country were present at the meeting
In response to the tariffs imposed by US President Donald Trump on Bangladesh exports, business leaders have urged the government to address the issue immediately.
They made the call at a meeting organised by the Bangladesh Investment Development Authority (Bida) this afternoon (5 April) at its office in Dhaka.
PRAN Group Chairman Ahsan Khan Chowdhury, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) President Mohammad Hatem, BKMEA Executive President Fazlee Shamim Ehsan, and Mohammadi Group Chairperson Rubana Huq, among others, were present.
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Bida is also gearing up to host a major investment summit in Dhaka on 7-10 April, aimed at attracting foreign investments.
"During the meeting, we discussed how Bangladesh can convey a positive message to foreign investors during the summit regarding the Trump administration's reciprocal duty, in order to encourage them," Executive Director Prof Selim Raihan of the South Asian Network on Economic Modeling (Sanem) told The Business Standard.
He said they have advised the top Bida executives on what actions the government should take immediately.
Syed Nasim Manzur, president of Leathergoods and Footwear Manufacturers and Exporters Association, said, "It was a brainstorming meeting on how the government can address the duty issue," noting that the governments of Vietnam and India have already taken initiatives.
Otherwise, Bangladeshi exporters will lose their competitiveness, he said.
"We hope the chief adviser will take a quick decision in this regard."
Ibnul Wara, director of business development and supply chain at Picard Bangladesh, said, "Some leather goods manufacturers are planning to relocate to Bangladesh. However, this tariff hike could come as a shock for them
"If we are able to negotiate with the US administration to delay the effect of their tariffs, which is scheduled to take effect from 9 April, I believe we will be able to attract some investment through this summit."
He added that the leather goods industry requires substantial foreign investment to boost its contribution to export earnings.
On 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.
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.
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.
Meanwhile, Chief Adviser Muhammad Yunus convened an emergency meeting at the State Guest House Jamuna at 7:30pm today with experts, advisers, and officials, to discuss the US tariff issue.
