Tariff Turmoil: Bangladesh Seeks Clarity on US Trade Policy
Bangladesh’s Trade Adviser Criticizes US Tariff Policy, Calls for Comprehensive Assessment
Sheikh Bashir Uddin, Trade Adviser to Bangladesh, has expressed concerns over the counter-tariffs imposed by the United States, stating that the import of services such as technology, banking, and insurance from the US was not taken into account when determining trade balances.
"If service imports had been considered, the counter-tariffs on Bangladesh’s exports would not have been so high," he remarked on Friday, addressing the tariff policy introduced by former President Donald Trump.
High-Level Discussions on Trade Tariffs
Following Trump’s announcement on Wednesday afternoon (local time in Washington) regarding counter-tariffs, the Trade Adviser held a three-hour meeting on Thursday with the Commerce Secretary, Chairman of the National Board of Revenue (NBR), and Vice Chairman of the Export Promotion Bureau (EPB) to assess the situation.
He further stated that a stakeholder meeting will be held on Sunday to discuss the issue.
"I believe it will take a couple of weeks to fully grasp the situation. Only then can we determine the appropriate course of action for the government," he added.
Assuring the business community, he stated, "As Trade Adviser, I can confirm that the government will take all necessary measures to ensure that our export sector does not suffer or face obstacles."
Understanding the Impact of US Tariffs
The Trade Adviser suggested that the tariff imposition might have been based on trade deficits between Bangladesh and the US, considering only goods trade and not services.
Describing Trump’s counter-tariff policy as a major ‘tsunami’ for the global economy, Sheikh Bashir Uddin noted that many aspects of the decision remain unclear.
"We are still trying to fully understand the issue and gather all necessary explanations. Only after gaining complete clarity will we begin working on a strategy to address it," he concluded.
