NBR to decide response to 37% US counter-tariff at meeting tomorrow

The National Board of Revenue (NBR) will hold a meeting tomorrow (6 April) to determine its next course of action in response to the 37% counter-tariff recently imposed by the United States under the Trump administration.

Officials said the NBR is currently reviewing whether there is any scope to reduce customs duties on imports from the United States as a reciprocal measure.

On Thursday, US President Donald Trump announced a 37% tariff on Bangladeshi products, along with similar tariffs on imports from several other countries.

The move is reportedly aimed at countries with which the US has a high trade deficit.

One key reason behind this deficit, according to US authorities, is the presence of trade barriers—including high tariffs—imposed by other nations on American goods.

In response, the NBR has initiated a comprehensive review.

According to NBR sources, around 2,500 products are imported annually from the United States.

Officials are now assessing the existing customs duties on these products and exploring whether there is room for reductions.

In addition to customs duties, the NBR is also examining other applicable taxes such as VAT, supplementary duties, regulatory duties, and advance taxes on US imports.

"A working team has already been assigned to assess the overall impact of the US tariff hike and explore policy options. We are also analysing the feasibility of reducing customs duties and taxes on certain US products and services," a senior NBR official told UNB.

Another NBR official, however, noted that customs duties and taxes cannot be adjusted based on the country of origin alone.

"Duty reductions must follow the Harmonized System (HS) Code classification. Any potential changes will apply uniformly to those products, regardless of their country of origin," the official added.

In 2024, Bangladesh imported products worth $2.62 billion from the United States, covering 2,515 items under the HS Code, according to NBR data.