Bangladesh will face multifaceted crisis if negotiations with US failed

The interim government must give due importance to addressing the deep fears and concerns that have arisen among businessmen and economists due to the setback in negotiations over the counter-tariffs imposed by the United States.

The tariff war that Donald Trump has launched in his second term is not just about trade, it is also about politics, economics and geopolitics.

But the sad truth is, Bangladesh’s interim government failed to take Trump’s tariff war seriously enough, and while many competing countries have been able to reach agreements with the United States on favorable terms. Bangladesh is still lagging behind.

The reality is that if we cannot reach an agreement with the United States by this month, we will have to enter the country’s market with a new tariff of 35 percent in addition to the previous 15 percent.

It will definitely have a major impact on our economy and employment.

Since the government took the initiative at the last minute, there is also concern about how much Bangladesh’s interests will be protected.

At a roundtable meeting, economists, industrialists, and top leaders of trade organizations have criticized the government’s initiative to reduce the US counter-tariff rate.

The Trump administration, which announced the retaliatory tariffs, gave three months for negotiations, but that time could not be used. This is because the government could not prepare in time.

Experts say that the government wasted unnecessary time in negotiating with the United States and it has moved forward in the wrong direction with the wrong people.

Despite two rounds of discussions with the United States Trade Representative (USTR), it took the government time to understand that the Trump administration was the appropriate authority to reduce the countervailing duties.

While many countries have found success by hiring lobbyists, Bangladesh has not done so.

It is true that it is very difficult to bring the outcome of any negotiation in favor of one’s own interests when it is started at the last minute.

Although late, the government has started discussions with the stakeholders.

We hope that the Office of the Chief Adviser will actively take initiatives and engage with the Trump administration through discussions with partners in the trade, diplomatic, security, and economic sectors.

It will be possible to bring about a satisfactory result. There is no chance of failure in this regard, because it will plunge the country into a multifaceted crisis.