BNP senior leader and former commerce minister Amir Khasru Mahmud Chowdhury has described the reduction in US tariffs on Bangladeshi products from 35 percent to 20 percent as a “satisfactory and competitive rate”.
He, however, cautioned that future economic security could only be ensured through diversification of exports rather than relying solely on the US market.
Amir Khasru made the remarks while speaking to journalists at his residence in Gulshan in Dhaka on Friday.
“This is not a matter of victory or defeat. Compared to our competitor countries, we are in a relatively better position. Pakistan is paying 19%, Vietnam 20%, and India 25% in tariffs—so in that sense, our rate is competitive.”
He emphasised the need to understand what kind of negotiations took place with the US to secure this tariff reduction.
“We only know that the tariff has been reduced, but it’s unclear what was offered in return. Without clarity on that, we can’t assess the real impact.”
In April, during his second term, US President Donald Trump announced additional tariffs on over a hundred countries, including Bangladesh. Initially, the tariff for Bangladesh was set at 37%. Following negotiations and a formal request from the Bangladesh government, it was reduced to 20% on Thursday.
Additionally, under pressure from the Trump administration to reduce the trade imbalance, Bangladesh announced plans to purchase 25 Boeing aircraft and initiated imports of wheat, soybeans, and cotton from the US.
According to Amir Khasru, such purchase agreements primarily serve US interests, and it’s important to assess how much they truly benefit Bangladesh.
“Although tariffs have been reduced, the US has exerted pressure on issues like security, non-tariff barriers, and trade balance. We must also consider these factors. This is not just a matter of tariffs, but part of a broader agreement.”
While the US remains Bangladesh’s single largest garment export market, Khasru argued, “We must look for new export markets. Relying only on the American market won’t work. We also need to make our economic structure more inclusive.”
In the 2024–25 fiscal year, Bangladesh exported $7.54 billion worth of garments to the US, accounting for about 19% of total exports. Exports to other countries such as Germany, the UK, Canada, France, Japan, Australia, and India also remain significant.