Tariff Talks and Trade Tactics: Bangladesh Seeks Balance with U.S.
In an effort to address rising trade imbalances and the imposition of reciprocal tariffs by the United States, Bangladesh’s Chief Adviser Dr. Muhammad Yunus will personally engage in discussions with the U.S. administration, according to Commerce Adviser Sheikh Bashir Uddin.
Speaking to reporters on Saturday night following an emergency meeting convened by the Chief Adviser, Sheikh Bashir said, “We are trying to understand what we need to do. We also see opportunities here. By identifying the contrasting elements, we are working to reduce the trade deficit and gain a better position than our competitor countries.”
Bangladeshi exporters have recently raised concerns over a 37% supplemental tariff on their products entering the U.S. In response, the commerce adviser highlighted import expansion as a potential strategy for narrowing the trade gap.
“We can reduce the trade deficit by increasing imports. We import soybean oil, cotton for the garment industry, metal scrap, industrial machinery, and energy products from the United States. Globally, we source what benefits our macroeconomic health and will coordinate accordingly,” he said.
He added, “Our Chief Adviser will directly communicate with the U.S. administration. He is undoubtedly our greatest asset, and we will utilize his international stature to engage constructively with Washington.”
The emergency meeting, which began at 7:00 PM and lasted for nearly two hours at the State Guest House Jamuna, was followed by a press briefing where Dr. Khalilur Rahman, High Representative of the Chief Adviser, stated, “The imposition of tariffs by the U.S. is not a sudden development. Early in February, the Chief Adviser had instructed us to engage with the U.S., and I myself visited Washington in the second week of February to meet officials from the State Department, USTR, Department of Agriculture, and others.”
“Since then, we have been in continuous dialogue with the U.S. administration. So, it’s not unexpected—we are prepared,” he added.
Advising against panic, he said, “We will soon take steps, and that will be done in consultation with the U.S. administration. There is no need for fear or anxiety. We are fully prepared for this.”
The high-level emergency meeting was attended by Finance Adviser Dr. Salehuddin Ahmed, Energy Adviser Fauzul Kabir Khan, Foreign Affairs Adviser Touhid Hossain, Commerce Adviser Sheikh Bashir Uddin, High Representative of the Chief Adviser Dr. Khalilur Rahman, Special Envoy to the Chief Adviser Lutfe Siddique, BIDA Chairman Ashiq Chowdhury, Bangladesh Bank Governor Ahsan H. Mansur, Chief Secretary to the Chief Adviser Siraj Uddin Mia, SDG Coordinator Lamia Morshed, Finance Secretary Dr. Khairuzzaman Mozumder, NBR Chairman Abdur Rahman, and PRI Chairman Zaidi Sattar.
Earlier, during a meeting between the NBR Chairman and business representatives, a list of nearly ten products—including pipeline valves, generators, generating sets, and electrical items—was drawn up to be considered for duty reductions.
Currently, Bangladesh imports scrap iron, car engines, and liquefied natural gas (LNG) from the U.S. In addition to traditional exports such as garments, leather goods, pharmaceuticals, and plastic products, business leaders and economists at a meeting chaired by BIDA Executive Chairman Chowdhury Ashiq Mahmud Bin Harun also emphasized the need to increase exports of technology and IT services.
