Chief Adviser Dr Muhammad Yunus will write to US President Donald Trump a letter requesting a reduction in the reciprocal tariffs on Bangladesh in 48 hours while the government plans remedial trade measures.
Commerce Adviser of the interim government Sheikh Bashir Uddin will also dispatch a letter to the United States Trade Representative (USTR) within this time, said Shafiqul Alam, press secretary to the chief adviser, on Sunday about the urgent responses to US tariff blowout.
The press briefing was told that the steps being taken by Bangladesh to reduce the trade gap between the two countries may convince the Trump administration to lower the 37-percent 'discounted' tariff imposed on Bangladeshi exports to the US market.
Meanwhile, Finance Adviser Dr Salehuddin Ahmed said the government will work to increase imports of various goods, including LNG, as well as services from the United States and remove non-tariff barriers in an effort to reduce the trade deficit with the country in response to the high tariffs slapped by US President Donald Trump.
"Additional measures will be taken to boost the competitiveness of export-oriented industries by enhancing their efficiency and improving workforce skills, with the aim of cushioning the economy against such tariff shocks," he also said about remedial measures.
He made these remarks Sunday following a meeting involving several government ministries and agencies, along with representatives from the private sector and business communities, which was arranged to outline a course of action to address the uncertainties arising out of the newly imposed high tariff.
Planning adviser Dr Wahiduddin Mahmud, Commerce Adviser Sk Bashir Uddin, Energy and Power Adviser Muhammad Fouzul Kabir Khan attended the meeting chaired by the finance adviser, Salehuddin Ahmed.
Bangladesh Bank Governor Dr Ahsan H. Mansur, 10 secretaries, representatives from the office of the chief adviser, Tapan Chowdhury, Managing Director, Square Pharmaceuticals Limited, Syed Nasim Manzur, President, Leathergoods And Footwear Manufacturers and Exporters Association of Bangladesh (LFMEAB), and Rubana Haque, former president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), were among others present at the meeting.
Private-sector representatives at the meeting said they received clear guidelines, noting that the discussions created a sense of reassurance and confidence within the business community.
"First and foremost, we aim to expand trade with the United States. If necessary, we will import LNG and other commodities from the USA. There is also significant potential to increase imports in other sectors, particularly in services, which would help in expanding commercial ties with the USA," Dr Salehuddin said at a press briefing following the all-stakeholder consultation over the exigent development on the global trade front.
The meeting decided to increase productivity, skills and competitiveness of the private sector, particularly of export-oriented industries, to protect the market share.
Commenting on the need to reduce non-tariff barriers to increase imports, he said, "Beyond the 52-54 percent figure we see, there are many official regulatory disadvantages. We will rationalize these as soon as possible so that American businessmen do not face these-we'll make it smoother."
Planning Adviser Wahiduddin Mahmud stated that China, Europe, and other major economies are expected to introduce countermeasures in response to the U.S. tariffs, which will likely drive significant shifts in the global economy.
"Our primary focus is to protect our exports to the United States, the (single) largest market for ready-made garments, to enhance our competitiveness and maintain our position against other competing countries. We believe this is achievable," he said further.
He thinks the impact of the newly imposed tariffs will primarily affect US consumers, intermediaries such as buying houses, and other parties. He also clarifies that there is no room to further burden labourers, as the wage rate in Bangladesh is already among the lowest.
The new tax rates opened several new opportunities on the US market, Tapan Chowdhury said and highlighted that there are many products out of the RMG, many of which may not be aware of these.
"For instance, 30 per cent of medicines exported from India to the United States have already paid the tariffs. We have opportunities here," he said.
Today, a place of comfort has been created for business community as the government has a clear, time-bound plan in place, said Syed Nasim Manzur.
"We have repeatedly emphasized that this plan has a limited timeframe, and if we fail to act within it, we risk falling behind. However, I believe we can avoid that outcome," said the leading businessman.
He said the meeting agreed on the importance of ensuring that Bangladesh maintains its competitiveness, "while also ensuring that we do not fall behind any rival country".
"From the private sector, we are confident that, given a level playing field, we have been able to succeed and will continue to do so."
Addressing the previous press briefing, executive chairman of the Bangladesh Investment Development Authority (BIDA) Chowdhury Ashik Mahmud Bin Harun said the neighbouring countries of Bangladesh "are in the same boat with Bangladesh and there is no way to think that the move aimed only at Bangladesh".
The briefing was organised to apprise the press of the Investment Summit 2025 which kicks off in Dhaka today (Monday) to showcase Bangladesh as entrepots for trade and investment.
"In some way, it will help the country to expedite the reforms required to boost the foreign direct investment," the BIDA executive chairman notes.
Expressing his views about the Trump tariffs he said that the move may bring some positive impacts as it would direct the country to improve the investment climate.
Recently, the USTR in its report recommended some basic reforms on regulatory issues, customs and corruption.
"The interim government has also initiated same kind of reforms, so now, after the imposition of the reciprocal tariffs, we can gear up the process to complete these reforms," he told the press.
There may be some impact on inflation, lending rate due to the new US policy, but that will be common to all the countries of the world, he notes, adding that Bangladesh will not face any larger impact than other countries do.
"Our travel direction will most likely be the same direction that they will travel to. I am not worried at all," says the investment promoter.
Deputy Press Secretaries Apurba Jahangir and Abul Kalam Azad Majumder were also present at the briefing that highlighted the various aspects of the four-day Bangladesh Investment Summit 2025.
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