Chief Adviser Prof Dr Muhammad Yunus sits in an emergency meeting with high officials and experts at the state guest house Jamuna on Saturday in response to the latest US tariff hike on Bangladeshi exports. — Collected Photo Commerce Adviser Sheikh Bashir Uddin has said Chief Adviser Professor Muhammad Yunus will discuss the tariff issue with the US administration.
The adviser gave the information at a press conference after an emergency meeting, convened by Chief Adviser Professor Muhammad Yunus, at the State Guest House Jamuna in Dhaka on Saturday evening.
Bangladesh may consider redirecting and increasing its imports from the United States to help reduce the existing trade gap, Sheikh Bashir Uddin said.
Mr. Bashir Uddin noted that apart from the tariff issue, several other trade-related topics were discussed.
The government remained optimistic about resolving these issues through diplomatic circles.
"To reduce the trade deficit and enhance our competitiveness against regional peers, Bangladesh is planning to boost imports from the US-particularly essential commodities and industrial inputs such as soybean oil, raw cotton for the apparel sector, metal scrap, capital machinery, and petroleum products," the adviser told reporters.
He added that better coordination on imports would not only fulfill industrial needs but also help strengthen bilateral trade ties with the United States.
While acknowledging that countries like India and Pakistan offer lower tariffs for US goods, Mr. Bashir Uddin said Bangladesh's diverse product base would help cushion any adverse effects.
Dr. Khalilur Rahman, high representative of the Chief Adviser, said the recent US tariff decision was not unexpected.
"The US tariff move is no surprise for Bangladesh. The interim government has been in negotiations with key US agencies-including the State Department, USTR, and Department of Agriculture-since the second week of February, in line with instructions from Chief Adviser Dr. Yunus," Dr. Rahman said.
"There is no need to panic. We were aware of the situation and are prepared to respond accordingly. Bangladesh will take appropriate steps soon, following further discussions with the US administration," he added.
Dr. Rahman also confirmed that the government remained engaged with the US administration since February and would continue its diplomatic efforts to safeguard national trade interests.
Responding to a newsman's query regarding the reason behind the government's delayed response compared to Vietnam and Cambodia, Executive Chairman of the Bangladesh Investment Development Authority (BIDA) Ashiq Bin Chowdhury said that Bangladesh has two to three days more to consult with stakeholders, and respond to USA as the tariff will come into effect on April 9, 2025.
Special Envoy to the Chief Adviser, Lutfy Siddiqi, added that Bangladesh's response would not be limited to tariffs or trade deficits but would also address customs and duties, intellectual property rights, and the regulatory environment, including the ease of doing business.
"These three areas fully align with the reform agenda of the interim government. Therefore, our message will also include non-tariff issues, reflecting on our broader reform goals," he said.
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