US imposes 37pc tariff on Bangladeshi goods
The United States has imposed a 37 per cent reciprocal tariff on Bangladeshi goods. US President Donald Trump has announced the new tariff measure in order to adjust tariffs on products from various countries, as part of a broader policy. Previously, Bangladeshi exports to the US faced an average tariff of approximately 15 per cent.
The announcement was made by President Trump during a press conference at the White House on Wednesday (April 2) at 4:00pm local time, according to a Reuters report.
The United States is one of Bangladesh’s largest export markets, with a significant portion of shipments consisting of ready-made garments (RMG). Bangladesh exports approximately $8.4 billion worth of goods to the US annually, with apparel accounting for the majority. Last year, garment exports to the US totaled $7.34 billion.
The newly imposed high tariffs could severely impact Bangladesh’s export sector, particularly the garment industry.
Referring to the tariff hikes, President Trump stated that many countries impose heavy tariffs on US goods, and in some cases, non-tariff barriers create even worse conditions. He also accused several nations of violating US intellectual property rights and imposing restrictions against American businesses.