The issues of reciprocal tariffs imposed by the United States and the related trade agreement are still evolving, Commerce Minister Khandaker Abdul Muktadir has said, noting that the government will review them further before making any decision.
He made the remarks on Wednesday in the context of the recent ruling by the US Supreme Court, which declared the reciprocal tariffs imposed by President Donald Trump illegal.
In response, the US administration later issued directives to impose new global tariffs.
Against this backdrop, Bangladesh's Ministry of Commerce held a meeting with business leaders to determine the next course of action regarding the tariffs and the trade agreement signed between Bangladesh and the United States.
Speaking to reporters after the meeting at the ministry, the commerce minister said the situation remained fluid.
State Minister for Commerce Md Shariful Alam, Commerce Secretary Mahbubur Rahman, senior government officials, and representatives of the business community were present at the meeting.
"The situation in the United States is still evolving -- what we call an evolving scenario in English," the minister said.
He explained that the US Supreme Court had ruled that the previously imposed tariffs were not maintainable.
Subsequently, the US announced a 10 per cent tariff for all countries, which was later revised to 15 per cent, he said.
"However, so far, we have only heard these announcements through various channels. We have not received any official written communication at the government level," he said, adding that under US law, certain legal provisions required approval by the US Congress within 150 days.
"Beyond that, whatever we are seeing is coming through television reports. No official documents have reached us yet. That is why I would again say the scenario is evolving," he added.
Referring to the trade agreement signed with the United States by the previous government, the minister said it was still too early to make definitive comments.
"We are examining the agreement to understand both its pros and cons. Any agreement naturally has two sides. After reviewing these aspects, we will decide on the next steps," he said.
Responding to journalists' questions on whether the interim government rushed into the agreement or kept its details secret, the minister said some non-disclosure agreements were involved during the negotiation phase.
"This was a sensitive issue, and the country we signed the agreement with is also very important for us. In such an evolving situation, making any unwarranted comments would not be appropriate," he said.
On business leaders' views regarding tariffs and the agreement, the minister said representatives from various sectors were invited to the meeting and their concerns were discussed in detail, including sector-specific problems.
Commenting on the current commodity price situation, he said the prices of items monitored by the Ministry of Commerce remained stable in the market.
However, the prices of some vegetables rose temporarily due to panic buying, he said.
"At the beginning of Ramadan, many people purchase a month's supply at once. Sellers also take advantage of the situation and the short supply. For example, lemons priced at Tk 40-50 rose to Tk 120 at one point, but later returned to their previous levels," he said.
Asked about extortion, the minister said successive governments had promised to curb the practice but failed to deliver.
"Wait and see. We will show results through action," he said.
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