Written by The Banking Post
The United States may consider further reducing the 20 per cent retaliatory tariff on Bangladeshi goods if the trade deficit between the two countries continues to shrink, Commerce Adviser Sheikh Bashir Uddin said on Sunday.
He noted that the gap has already started to narrow, with Washington expressing satisfaction over the progress. “There has been good progress on these commitments,” the adviser said, referring to Bangladesh’s pledged imports of US agricultural products, energy supplies, and aircraft.
Bashir made the remarks after a meeting with a visiting US delegation led by Deputy Assistant US Trade Representative (USTR) Brendan Lynch at the commerce ministry in Dhaka. National Security Adviser Dr Khalilur Rahman, Commerce Secretary Md Mahbubur Rahman, and other senior officials also attended.
The three-day US visit aims to finalise discussions on tariff reduction, as Bangladesh seeks to lower the duty to at least 15 per cent through negotiations.
Officials said the two sides have already prepared a draft trade agreement, which will be revised and finalised once consensus is reached. The US delegation is also scheduled to meet the Chief Adviser’s Office, Foreign Affairs Adviser Md Touhid Hossain, and Foreign Secretary Asad Alam Siam.
Washington first imposed the retaliatory tariff at 37 per cent during the Trump administration, later reducing it to 35 per cent and then to 20 per cent on August 7. A formal deal, however, is yet to be signed.
Commerce ministry sources said a cut to 15 per cent would give a significant boost to Bangladeshi exports to the US, its single largest export destination.
