Bangladesh to Slash Duties on 100 Goods to Appease US: Report
In a move aimed at creating a favourable ground for negotiations, Bangladesh has decided to slash duties on at least 100 types of goods, according to a recent media report. This development comes in the wake of the additional tariffs imposed by the United States on several countries, including Bangladesh.
Last month, US President Donald Trump declared a 10% baseline tax on imports from all countries and higher tariffs on several countries, including a 37% tariff on Bangladesh. The move was seen as a retaliatory measure against the customs duties imposed by Bangladesh on US goods. The tariffs were aimed at addressing the trade imbalance between the two countries, with the US running a significant trade deficit with Bangladesh.
The decision to reduce duties on 100 goods is seen as a significant step towards defusing the trade tensions between Bangladesh and the US. The report suggests that the Bangladesh government is looking to create a more conducive environment for negotiations with the US to resolve the trade dispute.
According to the report, the Bangladesh government has identified the 100 goods that will have their duties slashed, and the move is expected to take effect soon. The report did not specify which goods would be included in the list, but it is likely that they would be a mix of consumer goods and industrial products.
The move is seen as a significant concession by the Bangladesh government, which has been under pressure from the US to reduce its tariffs on US goods. The US has long been critical of Bangladesh’s trade policies, which it claims are protectionist and unfair.
The trade tensions between Bangladesh and the US have been simmering for some time, with both sides accusing each other of unfair trade practices. The US has long been one of Bangladesh’s largest trading partners, and the country relies heavily on American imports, including textiles, machinery, and electronics.
However, Bangladesh has been looking to diversify its trade relationships and reduce its dependence on the US market. The country has been actively seeking to increase its trade ties with other major economies, including China, Japan, and the European Union.
The decision to reduce duties on 100 goods is seen as a significant step towards achieving this goal. By reducing its tariffs on US goods, Bangladesh is hoping to create a more level playing field for trade and attract more American investment.
The move is also seen as a strategic one, as it is likely to help Bangladesh to gain an advantage in the ongoing negotiations with the US. The two countries are currently engaged in talks aimed at resolving the trade dispute, and the reduction of duties on 100 goods is seen as a key concession by the Bangladesh government.
The US has been pushing Bangladesh to reduce its tariffs on US goods, and the country has been under pressure to make concessions. The decision to reduce duties on 100 goods is seen as a significant step towards meeting these demands and finding a resolution to the trade dispute.
The move is also seen as a positive development for the Bangladeshi economy, which has been growing rapidly in recent years. The country has been looking to diversify its economy and increase its exports, and the reduction of duties on 100 goods is seen as a key step towards achieving this goal.
In conclusion, Bangladesh’s decision to slash duties on at least 100 types of goods is a significant development in the ongoing trade dispute with the US. The move is seen as a key concession by the Bangladesh government and a significant step towards creating a more favourable environment for negotiations. The decision is likely to help Bangladesh to gain an advantage in the ongoing talks with the US and increase its exports to the country.
