US tariff clock is ticking

Sometimes, what you do not do ends up costing more than what you do. Right now, Bangladesh is feeling the weight of that truth.

In April, the Trump administration imposed sharp tariffs on exports from countries with large trade surpluses against the US. Bangladesh was on that list. But hidden behind that announcement was a chance to negotiate: to act smart, fast and boldly.

Vietnam saw that chance and took it. Within days, it cut tariffs on US goods, signalling a willingness to balance trade. The result? Its own tariff was lowered to 20 percent, the best rate secured so far. Bangladesh, in contrast, asked for 90 days, and waited.

Now, with only days left before the new rates take effect, we are at the table late and with weaker cards. Other countries like Indonesia, Cambodia and Tunisia have not received final rates either, but they have been active, meeting allies, opening back channels, using trade platforms. Bangladesh has not shown the same urgency. That must change.

The White House has made it clear: the new tariff regime starts on August 1, 2025. That deadline is locked in. Our time is nearly up.

There is still space for damage control, but only if we act with clarity and speed. We can still adjust trade by importing two to three billion dollars' worth of key US goods, agricultural machinery, aviation tech, medical devices, fertiliser, LNG, ICT equipment. These are not token purchases. They support our own economy.

This should not be a one-off fix. Our strategy must include a regular import commitment aligned with what we export to the US; goods we truly need for industrial growth, energy efficiency and food security. A balanced flow would strengthen trust and resilience in trade.

Some recent steps deserve credit. The government has ordered 25 US-made aircraft -- a strategic move to reduce the trade gap. At the same time, a delegation led by Commerce Adviser Sk Bashir Uddin is in Washington, meeting policymakers and private sector leaders. Though late, this shift towards economic diplomacy is welcome.

Earlier, the government agreed to import 220,000 tonnes of high-protein US wheat, with a five-year deal for up to 700,000 tonnes. But these must be part of a broader, faster and more coordinated push.

This is not just about any industry. It is about ready-made garments and consumer goods -- the backbone of our exports. The US is our biggest single-nation garments buyer and our top remittance partner. Losing competitiveness in that market could weaken reserves, choke imports and dent investor confidence.

We need more than government action. Exporters, economists and private sector leaders must guide the strategy. They know the margins, bottlenecks and real stakes.

And while we act at home, we must also act abroad. Bangladeshi-American professionals, US-based lobbyists and diplomats who know Washington, especially under Trump, need to be in the room. These talks will not be won with formal memos. They need speed, business acumen and storytelling.

Bangladesh has a rare edge as most export industries are locally owned. That matters. The US worries about Chinese transhipment. We can prove our goods are genuinely Bangladeshi. That authenticity is a card we must play.

Some talk of pivoting to BRICS or regional markets. But those are not easy options. BRICS markets are protected and bureaucratic. The Gulf has high income, but limited scale. The US remains the most open, high-volume destination.

We have lost time already. Losing what little remains would be unforgivable.

There are still days, perhaps hours, to act. If we move now, with courage and coordination, we may still bring that 35 percent tariff down. Trump plays hardball, but he respects boldness. Let us give him something to respect.

The writer is co-founder and CEO at Accfintax