Bangladesh will appeal for a review of the recently-announced reciprocal tariff by the United States to tackle the heated issue sweeping the world.
Besides, Dhaka will increase imports from Washington in a an effort to reduce the trade deficit that has been used as a benchmark for the reciprocal tariff poised to change the current global trade order grown over the past 70 decades.
Chief adviser Muhammad Yunus of the interim government will remain in touch with the US administration over the issue and will talk to Washington personally, said the CA鈥檚 high representative Khalilur Rahman.
The decisions were taken at an emergency meeting chaired by the chief adviser at the state guest house Jamuna, two days after the US imposed 37 per cent tariff on Bangladeshi exports.
At the post-meeting briefing in front of the CA鈥檚 residence Jamuna, Khalilur Rahman said, 鈥楾he imposition of 37 per cent tariff was not a bolt from the blue.鈥�
The chief adviser had already apprehended the matter, said Khalilur Rahman.
Currently, most Bangladeshi goods face a 15 per cent tariff from the US, including readymade garment accounting for over 80 per cent of the country鈥檚 overall annual exports with the US being the single biggest destination for Bangladeshi goods.
Khalilur Rahman said that he had already visited the US in February under the directive from the chief adviser and discussed the matter with the US officials.
Dhaka is also keeping touch with Washigton, added the the high representative.
Commerce adviser Sheikh Bashir Uddin, special envoy on international affairs to the chief adviser Lutfey Siddiqi, Bangladesh Investment Development Authority executive chairman Ashik Chowdhury also spoke at the briefing.
Earlier, the commerce adviser explained that the country would redirect its import sources of primary energy, soya bean, metal scrap, cotton and capital machinery as part of the decision to reduce the trade gap over $6 billion.聽聽聽聽
In 2024, Bangladesh exported to the US about $8.4 billion in goods, of which $7.34 billion accounted for readymade garments.
The US goods exports to Bangladesh in 2024 were worth $2.2 billion, meaning that the trade deficit was $6.2 billion for the US.
Among major competitors, China faces 34 per cent tariff, Vietnam 46 per cent, Cambodia 49 per cent, and Sri Lanka 44 per cent while India and Pakistan face 26 per cent and 29 per cent respectively.
The commerce adviser said the new tariff policy聽 offered both challenges and opportunities.
Lutfey Siddiqi said Dhaka would address the Washington concerns under a comprehensive package to be included in reforms of customs-related and intellectual property rights.
The initial 10 per cent baseline tariff under the new reciprocal policy became effective since Saturday, likely to rattle the post-World War II system of mutually agreed tariff rates.
The additional rate will be made effective from April 9.
The BIDA executive chairman said they would not rush to make the appeal to the US for a review as they need more stock-taking with stakeholders.
The emergency meeting was attended by, among others, foreign affairs adviser Md Taouhid Hossain and Bangladesh Bank Governor Dr Ahsan H Mansur.