CA requests Trump to hold up new tariff regime
Chief Adviser Professor Muhammad Yunus today sent a letter to US President Donald Trump requesting him to postpone the application of a 37 percent tariff on Bangladeshi products in the US market.
The Chief Adviser’s Office (CAO) confirmed it to BSS.
Chief Adviser Prof Yunus has addressed a letter to US President Donald J Trump requesting him to postpone the application of US reciprocal tariff measures on Bangladesh for three months to allow the interim government to smoothly implement its initiative to substantially increase US exports to Bangladesh, said a statement issued by the Chief Adviser’s Press Wing.
“We are the first country to take such a pro-active initiative”, he said in his letter, citing the visit of High Representative Dr Khalilur Rahman to Washington DC in February.
Ever since, the two sides have been working closely to identify specific actions.
Bangladesh is also the first country to enter into a multi-year agreement to import liquefied natural gas from the US.
The centrepiece of Bangladesh’s actions is to significantly increase imports of US agricultural products such as cotton, wheat, corn and soybean, which will offer benefits to US farmers.
Bangladesh has the lowest tariff on most US exports in the South Asian region.
Chief Adviser Prof Yunus indicated further tariff cuts on US products are being fashioned, including top US export items such as gas turbines, semiconductors and medical equipment.
Bangladesh will build dedicated duty free bonded warehouses for cotton to improve US market.
“We are eliminating certain testing requirements, rationalising packaging, labelling and certification requirements and undertaking trade facilitation measures such as simplifying customs procedures and standards,” the Chief Adviser added.
“Bangladesh will take all necessary actions to fully support your trade agenda”, Prof Yunus assured President Trump.
A separate letter detailing the actions of Bangladesh will be sent by the Commerce Advisor to the US Trade Representative soon, the statement read.