Bangladesh reviewing tariffs on products imported from US: CA Press Wing
“The National Board of Revenue is identifying options to rationalise tariffs expeditiously, which is necessary to address the matter,” CA’s Press Secretary Shafiqul Alam said in a press statement posted on his Facebook post at 8:32am this morning
Bangladesh is reviewing its tariffs on products imported from the United States, the Chief Adviser's Press Wing said this morning (3 April), hours after President Donald Trump unveiled a 37% reciprocal tariff on the South Asian country.
"The National Board of Revenue is identifying options to rationalise tariffs expeditiously, which is necessary to address the matter," CA's Press Secretary Shafiqul Alam said in a press statement posted on his Facebook at 8:32am.
The statement notes that the United States is a close friend of Bangladesh and the country's largest export destination.
Keep updated, follow The Business Standard's Google news channel
"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.
Earlier in the day, US President 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.
According to a list published by the White House, the US government said it was set to levy a 37% "discounted reciprocal tariff" on Bangladesh in response to the Southeast Asian country's "74% tariff" on American goods.
As per the list, the Trump administration is also set to impose a 26% reciprocal tariff 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, in a move that ratchets up a trade war that he kicked off on his return to the White House.
The sweeping duties would erect new barriers around the world's largest consumer economy, reversing decades of trade liberalisation that have shaped the global order. Trading partners are expected to respond with countermeasures of their own that could lead to dramatically higher prices for everything from bicycles to wine.
"It's our declaration of independence," Trump said at an event in the White House Rose Garden.
According to the poster he displayed at the event, among the other Asian countries Pakistan will face a 29% reciprocal tariff, Myanmar 44%, Vietnam a staggering 46%, Taiwan 32%, Cambodia 49%.
