Bangladesh may reduce import duties on over100 goods to appease Trump
Bangladesh is set to reduce import duties on at least 100 types of goods to create favourable ground for negotiations in wake of the additional tariffs imposed by the US, a media report said here.
Chief Adviser Muhammad Yunus’s interim government gave a provisional approval to reduce import duties in the forthcoming budget during a meeting with the National Board of Revenue (NBR) on Monday, reported a newsportal.
On April 2, US President Donald Trump declared a 10 percent baseline tax on imports from all countries and higher tariffs on at least two dozen nations, including a 37 percent on Bangladesh. Trump later announced to suspend additional tariffs for three months.
Media reports had earlier suggested that garment manufacturers and exporters in Bangladesh were worried about losing their share in the US market. Manufacturers had also claimed that their US buyers had halted orders.
Meanwhile, another media report claimed the US has agreed, in principle, to pursue a Free Trade Agreement (FTA) with Bangladesh.
