Yunus chairs emergency meeting to address US tariff issue
Chief Adviser to the interim government, Professor Muhammad Yunus, chaired an emergency meeting at his official residence in Jamuna State Guest House on Saturday evening, April 5, to address the pressing issue of US-imposed tariffs and their potential ramifications for Bangladesh.
The high-level meeting began at 7:30 pm and brought together top experts, advisers, and senior officials from relevant sectors to assess the situation and formulate a strategic response.
Deputy Press Secretary to the Chief Adviser, Abul Kalam Azad Majumdar, confirmed the development, stating that the meeting was convened to deliberate on the challenges posed by the recent trade measures announced by the United States.
The discussions focused on mitigating the adverse effects of the new tariff policy, particularly its impact on Bangladesh’s export-dependent industries such as textiles and apparel.
The United States recently announced a sweeping "Reciprocal Tariffs" policy under President Donald Trump, imposing a 37% tariff on Bangladeshi goods—a significant increase from the current 15% rate.
The tariff hike has raised concerns about the long-term implications for Bangladesh’s trade relations and economic stability.
The Trump administration justified the move by citing Bangladesh’s existing 74% tariff on US imports, which it halved for many countries to arrive at what it deemed a "reciprocal" rate.
Among those present at the meeting were Foreign Affairs Adviser Md Touhid Hossain, High Representative to the Chief Adviser Dr Khalilur Rahman, Special Envoy Lutfey Siddiqi, and Bangladesh Bank Governor Dr Ahsan H Mansur. The session aimed to provide necessary directives to tackle the tariff issue and explore options to rationalize Bangladesh’s own tariffs on US imports.
The National Board of Revenue (NBR) is reportedly identifying ways to expedite this process, as part of efforts to address the matter diplomatically and economically.
Earlier, on April 3, Press Secretary to the Chief Adviser Shafiqul Alam highlighted ongoing engagements with the US government to enhance trade and investment cooperation between the two nations.
He emphasised that the United States remains a close ally and Bangladesh’s largest export destination.
“Bangladesh is reviewing its tariffs on products imported from the United States,” Alam said, adding that the NBR is working to rationalise tariffs expeditiously.
“We are committed to resolving this issue through dialogue and cooperation.”
While the 37% tariff poses a significant challenge for Bangladesh, the country fared relatively better compared to some regional competitors. Vietnam faces a staggering 46% tariff, Cambodia 49%, and Sri Lanka 44%. Meanwhile, India and Pakistan were subjected to lower rates of 26% and 29%, respectively.
Despite this, the increase from 15% to 37% represents a substantial blow to Bangladeshi exporters, particularly in the ready-made garment sector, which accounts for over 80% of the country’s total exports.
Following the conclusion of the meeting, a press briefing is expected to provide updates on the outcomes and decisions made during the discussions. The briefing will outline the government’s stance and planned measures to address the tariff issue while reaffirming Bangladesh’s commitment to maintaining strong ties with the United States.
