US trade deal under review; no comment yet on new tariff: Commerce minister
"A decision on the next course of action will be taken after the review"
The government is reviewing the trade agreement signed with the United States by the previous interim administration, Commerce Minister Khandakar Abdul Muktadir said, adding that it is not yet time to comment on the US reciprocal tariff and related issues.
A decision on the next course of action will be taken after the review, he said today (25 February) while briefing reporters following a meeting with business leaders and economists at the Secretariat.
He said the agreement signed by the interim government with the United States was a sensitive issue, and the country involved is also important for Bangladesh.
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"In this evolving situation, it would not be appropriate to make any unintended remarks," he said.
The United States Supreme Court has declared illegal the reciprocal tariffs imposed by President Donald Trump. In response, he directed the imposition of a new 10% global tariff.
The Ministry of Commerce held the meeting to determine the next course of action regarding the tariffs and the trade agreement.
State Minister for Commerce Md Shariful Alam, Commerce Secretary Mahbubur Rahman, senior government officials, and business representatives attended the meeting.
The minister said the US tariff issue remains evolving. "The US Supreme Court has declared the previously imposed tariffs not maintainable, and a 10% tariff has since been imposed on all countries," he said.
"We are hearing announcements through various channels but have not received anything in writing through official means. Under Section 122 of US law, the measures must be approved by the US Congress within 150 days. Beyond that, whatever we are seeing is on television. No official documents have reached us. So I would again say the scenario is evolving," he added.
Referring to the trade agreement signed earlier, he said it is still not at a stage where comments can be made.
"We are examining its pros and cons. It is normal for any agreement to have both advantages and disadvantages. We are reviewing those aspects and will decide the next course of action," he said.
Responding to a question on whether the previous interim government kept the agreement confidential or rushed the process, he said non-disclosure agreements were in place during the negotiations.
He added that business representatives were invited to discuss the tariffs and the agreement, including sector-specific concerns.
