Visiting U.S. Delegation Assures Possible Tariff Reduction if Trade Deficit Shrinks

PNN News Desk | Dhaka:
A visiting U.S. trade delegation has assured that the additional tariffs imposed on Bangladeshi products could be reduced if the trade deficit decreases.

On Sunday (September 14), a delegation led by Brenden Lynch, U.S. Assistant Trade Representative, held talks with Bangladeshi officials at the Secretariat. After the meeting, Trade Adviser Sheikh Bashir Uddin told journalists that the discussion focused on finalizing a trade agreement between the two countries and the possibility of reducing the 20 percent additional retaliatory tariff on Bangladeshi goods in the U.S. market.

The Trade Adviser said, “There is a possibility of reconsidering tariffs if the trade deficit decreases. We have monitored progress in our exports and imports, which is satisfactory.” The meeting particularly discussed efforts and progress in reducing the trade deficit through the purchase of agricultural and energy products.

Trade Secretary Mahbubur Rahman added that Bangladesh’s cotton imports last fiscal year were $600 million, and in the first two months of this fiscal year, they have reached $276 million. Additionally, steps are being taken to reduce the trade deficit by purchasing wheat from the United States.

It was noted that the U.S. will communicate the final decision regarding tariff reduction in due course. The meeting also included discussions on a long-term purchase of Boeing aircraft, which is expected to contribute to reducing the trade deficit.