US assures further tariff cuts if trade deficit decreases

The visiting United States trade delegation has assured that tariffs on Bangladeshi products will be reduced further if the trade deficit decreases.

Commerce Adviser Sheikh Bashir Uddin told reporters at the Secretariat on Sunday (14 September) after a meeting with the delegation, led by US Assistant Trade Representative Brendan Lynch.

The US delegation arrived in Dhaka on a three-day visit to finalise a trade agreement between the two countries through discussions and consensus on reducing the additional 20 percent counter-tariff currently imposed on Bangladeshi products in the US market.

“As part of our ongoing discussions, we sat with their team today. We discussed our agreement framework, country-specific commitments, and related issues with reference to our joint declaration,” the commerce adviser said.

He clarified that no specific negotiations were held, adding, “We requested them to reconsider lowering tariffs in view of the declining trade deficit. They assured us that there is a possibility of tariff reductions.”

Sheikh Bashir noted that a tariff agreement with the US has not yet been signed, but the discussions are aimed at reaching one. “The issues under discussion are intended to give the agreement a final shape,” he said.

“We also reviewed the progress on products under negotiation, including our commitments to purchase aircraft and other items from the US,” the adviser added.

According to him, the review shows that the trade deficit is narrowing to a satisfactory level. “As the deficit shrinks, the economic capacity of both sides is improving. Among the products helping to reduce the trade gap are agricultural goods and fuel, both of which we are now able to buy from the US at competitive prices. This is contributing to our progress,” he said.