Yunus to write to Trump over US tariff imposition on Bangladesh exports

The finance advisor says Bangladesh will take steps to ensure the US views it as the better option

The interim government is set to send two letters to the United States within 48 hours outlining its steps amidst the initiatives of businesses after hefty tariffs were slapped on Bangladesh’s exports, Chief Advsior’s Press Secretary Shafiqul Alam has said.

Following a high-level meeting at the finance ministry on Sunday, he confirmed that Chief Advisor Muhammad Yunus would send one letter to US President Donald Trump while the commerce advisor would send another to the US Office of the Trade Representative (USTR).

Trump’s new tariffs on goods from over 100 countries will impose a 37 percent supplementary tariff on Bangladeshi exports, increasing the total tariff to 52 percent, up from the previous 15 percent.

The development prompted Sunday’s urgent meeting, which brought together several government advisors, senior officials from Chief Adviser’s Office (CAO), and representatives from the business community.

“Our communication with the US remains active,” said Shafiqul. “We are in contact with the US embassy in Dhaka and USTR officials. Within 48 hours, two letters will be sent from our side.”

“[Sunday’s] meeting finalised this decision,” he added. “We are working on the action plan and language.

“We will adopt business-friendly measures that will protect Bangladesh's interests while making them more favourable than those of our competitor countries.

"The goal is to create a 'win-win situation' with the USA and gain more market access.

“The USA is the world's largest market, and there are greater opportunities for us to secure additional benefits there. This was the main topic of discussion in the meeting."

The review meeting, chaired by Finance Advisor Salehuddin Ahmed, began at 3:30pm and continued until 5pm.

Salehuddin said, “We will take steps to make the US see Bangladesh as a better option than others. Non-tariff barriers in trade are a big concern. We will work to remove or rationalise them.”

Planning Advisor Wahiduddin Mahmud said, “The US tariffs have triggered counter-measures from major economies like China.

“This will have significant consequences for the global economy. We are considering all aspects.”

He added, “For now, we will focus on safeguarding our main export sector – ready-made garments – in the US market and strengthening our competitive edge. I believe this is achievable.”

The economist noted that the additional value chain costs imposed by the US would impact American consumers and buying houses more directly.

“The exact effect on us still needs further analysis. Our workers already receive the lowest wages. It’s not possible to reduce them further,” he said.

“The added tax burden will shift elsewhere,” Salahuddin added. “We will try to boost productivity.

“Many of our garments meet international standards. We believe we can stay competitive in that segment.”

Khalilur Rahman, the chief advisor’s top aide, said: “We have agreed that it is possible to increase our imports from the United States while safeguarding our interests.

“We will make every effort to resolve this issue swiftly. We are aligned with business leaders on this.”

He added that the Bangladeshi ambassador to US has spoken with USTR officials. “The signals we are receiving from there are in harmony with our approach.

“Within the next day or two, we expect to finalise our positions.”

Among the business leaders, Tapan Chowdhury said: “We were very concerned, but [Sunday’s] meeting has given us a clear direction.

“It’s good news for business. The strategies being developed present many opportunities for us.”

He pointed out that Bangladesh exports more than just garments to the US. “A variety of products are entering that market.

“Opportunities are emerging from all directions. With the support of policymakers, we will be able to meet this challenge.”

Business representative Syed Nasim Manzur said, “There’s now a sense of relief among the business community.

“The government has laid out a concrete, time-bound plan,” he added. “The national interest comes first. We’ve agreed to explore every opportunity while safeguarding Bangladesh’s interests.”

He noted that exporters have been reassured about Bangladesh’s competitive strength. “From the private sector, we are confident that if a level playing field is maintained, we can succeed.

“It is the government’s responsibility to ensure that level playing field.”

He added that he expects to deliver good news to buyers within the next 24 to 48 hours.