Bangladesh will send the work plan to the United States Trade Representative (USTR) within the next week to reduce the trade gap as part of the efforts to bring down Trump’s reciprocal tariff, currently on pause until July 9.
In a first move to address the shortfall, Sylhet's Osmani International Airport is set to launch dedicated cargo operations today
The United States Trade Representative (USTR), the US government’s chief trade negotiation body, wants to see Bangladesh’s work plan on narrowing the bilateral trade gap before the Trump administration makes a call on reciprocal tariffs.
Local suppliers have secured adequate work orders from US clothing retailers and brands to stay busy until Christmas at the end of this year, although the shipments are likely to be subject to Trump’s reciprocal tariffs.
Safety standards in Bangladesh’s garment sector saw a marked improvement after the disastrous Rana Plaza collapse in 2013, but there is still a need for other sectors to improve in this regard, Labour Reform Commission chairman Syed Sultan Uddin Ahmed said in an interview yesterday.
Bangladesh's limited trade diplomacy, coupled with its slower shift towards value-added production, could allow Vietnam to surpass it in global rankings
This includes allowing more duty-free imports from the US, offering warehouse facilities for American cotton and removing various non-tariff barriers.
Trump's announcement sent businesses scrambling. Orders froze. Buyers demanded discounts. Stock markets plummeted.
Bangladesh has outperformed competitor countries to attain the highest year-on-year growth in apparel shipments to the US market in January, as American retailers and brands are placing large volumes of work orders here to capitalise on the favourable tariff regime.
Bangladesh stands to benefit from enhanced trade ties with Pakistan as local traders are optimistic about getting more competitive prices and a broader range of raw material sources.
Mills and factories that were vandalised, ransacked or set ablaze during and after the July uprising have been struggling to reopen due to financial crises, unavailability of bank loans and their politically exposed owners facing legal consequences.
Bangladesh’s exports have shown resilience, displaying steady growth in key sectors such as garments, plastics and seafood in the first eight months of fiscal year (FY) 2024-25, somewhat defying global economic headwinds and domestic concerns like high inflation and political uncertainty.
The Bangladesh Energy Regulatory Commission (BERC) is going to hold a public hearing tomorrow on the proposed hike in gas prices for industrial use.
Talks on preferential trade deals with a dozen countries have stalled since the political changeover in August last year, potentially adding to the challenges related to Bangladesh’s graduation from the club of Least Developed Countries (LDCs) in 2026, according to economists and business leaders.
The UK-headquartered thread manufacturer Coats Group has been expanding its operations in Bangladesh to meet the growing demand from local customers, according to a top official.
Trade protectionism is not the path to global competitiveness
The country’s merchandise exports increased by 5.7 percent year-on-year in January, driven by higher shipments of Bangladesh’s key export item, readymade garments.
However, China will be the most affected under Trump since he said there would be an additional 10 percent duty for goods coming from the Asian giant.
