Bangladesh hopes for trade agreement with US
The textile industry contributes 80 percent of the South Asian country's total exports. One-fifth of its production is destined for the US market, sold under brands like Timberland, Vans and The North Face.
"We are hopeful of securing a reduction because the United States Trade Representative (USTR) has sent us another draft agreement," Mahbubur Rahman, secretary of the Bangladeshi Ministry of Commerce, told AFP.
According to Rahman, the two officials responsible for national security and trade matters within the interim government are currently in the US to "work on the issue". Tariff threats and trade deficit
In April, Trump threatened to increase tariffs on Bangladeshi products entering the US from 16 to 37, then 35 percent. The US president had announced a general increase in customs duties, especially for countries with which the US has a large trade deficit.
Bangladesh exported 8.36 billion dollars worth of goods to the US in 2024. The US only sold 2.21 billion dollars worth of goods back to Bangladesh, according to official statistics.
To reduce this difference, Bangladesh has offered to import more wheat, cotton, oil or gas, and Boeing aircraft from the US. Concerns for employment and the future of the sector
Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), described the issue of US tariffs as "a huge challenge for the entire sector".
"We are worried about job losses in Bangladesh and the future of our main export market, the US," Mohiuddin Rubel, the previous head of the BGMEA, told AFP. This article was translated to English using an AI tool.
FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@fashionunited.com
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