Yunus thanks Trump for suspending tariff hike

NN Online:

Chief Advisor Muhammad Yunus has expressed his appreciation to US President Donald Trump for temporarily suspending the newly imposed high tariffs on imports from countries other than China for 90 days.

In a statement posted on the Chief Advisor’s press office Facebook page on Wednesday night, Yunus stated, “Thank you, Mr. President, for responding positively to our request for a 90-day pause on tariffs. We will continue to collaborate with your administration to support your trade agenda.”

Trump’s decision came just a week after he raised global concerns by announcing significant tariff hikes on products from over 100 countries. In a post on Truth Social Wednesday, he confirmed that tariffs on Chinese goods would increase immediately, while other nations would receive temporary relief.

“Due to the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately,” Trump announced.

For other countries, he declared a three-month suspension of the increased tariffs, although a minimum supplementary tariff of 10% will still apply during this period. On April 2, Trump had introduced a new tariff structure that included a 37% supplementary duty on Bangladeshi products. Previously, the average US tariff on goods from Bangladesh was 15%, but under the new structure, it has risen to 52%.

The US is Bangladesh’s largest export market for ready-made garments, and concerns have been raised that the supplementary tariffs could severely impact this industry. In response to the growing anxiety, Yunus held an emergency meeting on April 5 with government advisors, experts, and industry representatives.

Following that meeting, he wrote to Trump on Monday, urging a review of the supplementary tariffs. In his letter, Yunus emphasized Bangladesh’s efforts to address its trade deficit and requested a 90-day suspension of the tariffs to allow the government to implement planned measures. “We will complete the ongoing and planned actions within the next quarter. Please allow us the necessary time to smoothly conduct this important consultation with US officials,” he wrote.

Like Bangladesh, several countries have been negotiating with the US to alleviate tariff pressures, with some even offering to reduce tariffs on American goods to zero. In his post, Trump highlighted that “more than 75 countries have contacted representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution regarding trade barriers, tariffs, currency manipulation, and non-monetary tariffs.”

In light of these discussions, Trump announced the suspension of increased tariffs on non-Chinese goods, stating, “I have authorized a 90-day PAUSE, along with a substantially lower reciprocal tariff of 10%, effective immediately.”