Efforts to Reduce U.S. Tariffs to 15 Percent Will Continue: Trade Adviser

Trade Adviser Sheikh Bashiruddin has said that the government will continue its efforts to further reduce the 20 percent supplemental tariffs imposed by the United States. Speaking to reporters at the Secretariat on Tuesday, he stated that the efforts to bring down the tariffs will persist.

After lengthy discussions, the U.S. initially imposed a 37 percent supplemental tariff on all Bangladeshi products, which was later reduced first to 35 percent and then further lowered to 20 percent. Officials hope that this tariff rate will place Bangladesh in a somewhat more favorable position compared to other competing countries trading with the United States.

The adviser said, “Currently, the United States has imposed a 20 percent supplemental tariff. There is an ongoing joint effort involving the Ministry of Commerce and other ministries to negotiate and bring it down further to 15 percent. Discussions are still underway, and we remain optimistic.”

He added, “We have taken several measures to reduce the trade deficit, and in exchange for these steps, we are hopeful that some relief may come. However, there is no guarantee, as this depends not on our capacity but on the decisions of those who have imposed the tariffs.”

“We will do everything necessary to achieve this, whether that means traveling to the U.S. or holding online meetings,” he said.

When asked about the nature of discussions with the United States, the adviser explained, “In talks aimed at reducing the trade deficit, we have raised issues concerning tariff and non-tariff barriers. We have worked to resolve technical barriers through negotiations.”

He noted, “For about 3,800 tariff lines, import duties range from zero to 1 percent, and we have presented this. Import duties on food products are almost zero, and we have highlighted this as well. The import of energy products from the U.S. will help reduce the trade deficit. Although import duties on energy products are high, the government handles those imports.”

The adviser emphasized, “In granting concessions, we have not taken any step that would undermine the capability of our own economy. We have been very cautious. Through these efforts, we hope to substantially reduce the trade deficit.”

Regarding India’s new restrictions on jute product exports, he expressed hope that exports via seaports will continue uninterrupted and therefore the impact on Bangladesh’s trade will not be significant.