US seeks tariff reduction proposals in writing from Bangladesh
Praising Bangladesh's initiative to narrow the trade gap with the United states, USTR Jamieson Greer responded to the country's move to start talks on the reciprocal tariff policy, according to a USTR letter to Bangladesh commerce adviser Sheikh Bashir Uddin.
USTR Jamieson Greer has requested for written proposals from Bangladesh regarding the latter's commitment to reducing import duties on US goods. Praising Bangladesh's initiative to narrow the trade gap and responding to its move to start talks on reciprocal tariffs, he urged Dhaka to address areas of unfair trade practices like labour rights violations and measures that may restrict digital trade.
"My team is ready to engage with Bangladesh to address the persistent bilateral trade deficit by reducing Bangladesh's agricultural and industrial tariffs and non-tariff barriers, as well as aligning with the United States on economic security matters," Greer wrote.
"I welcome the positive steps your letter references with regard to Bangladesh's reform initiatives related to key US interests, and I also encourage the Government of Bangladesh to address other areas of unfair trade practices, such as labour rights violations and measures that may restrict digital trade," he was quoted as saying by Bangladesh media reports.
Fibre2Fashion News Desk (DS)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
19 minutes ago
- Time of India
Trade pact: Jakarta's $34 billion play to secure tariff deal with US
The US and Indonesia will sign trade and investment pacts worth $34 billion as part of Jakarta's efforts to secure a tariff deal ahead of a July 9 deadline. Indonesia plans to invest in the US and purchase American agricultural goods and $15.5 billion of energy products under a memorandum of understanding to be signed on July 7, Coordinating Economic Minister Airlangga Hartarto told reporters in Jakarta on Thursday. While the MoU is part of Indonesia's negotiations to secure lower US tariffs , it doesn't represent a final agreement, Hartarto said. "We have to see later the final announcement by our US counterparts," he added when asked about a tariff rate deal. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas In Dubai | Search Ads Get Rates Undo The planned MoU involves Danantara, a new sovereign wealth fund under President Prabowo Subianto that manages Indonesia's state-owned enterprises, and private entities including flag-carrier Garuda Indonesia , instant noodle maker Indofood CBP Sukses Makmur and a local feed mills association, he said. Hartarto, who is leading Indonesia's efforts to reduce Washington's planned 32% tariffs on Indonesian imports, said Southeast Asia's largest economy aims to secure more favorable terms than neighboring Vietnam. Hanoi, which had a $123.5 billion trade surplus with the US last year, struck a deal late Wednesday for a tariff rate of 20%, down from a proposed 46%. Live Events Southeast Asian nations, among the hardest hit by US President Donald Trump's planned tariffs, have been racing to seal trade deals with Washington before the July 9 cutoff to avoid increased rates. Indonesia has already eased or eliminated some import restrictions as part of a bid to shrink its $18 billion trade surplus with the US. Jakarta has also pledged to remove non-tariff barriers and boost imports of US products, potentially including oil, liquefied petroleum gas and soybeans. Hartarto also said the US has no concerns about transshipment involving Indonesia and hadn't broached the topic in trade discussions, unlike in Vietnam.
Time of India
29 minutes ago
- Time of India
India's ‘Trump Card' on trade deal? How India can handle US pressure and seal agreement
As the US and India look to seal a trade deal ahead of Donald Trump's self-imposed July 9 deadline, India seems to be resisting American pressure - joining a select group of countries refusing to budge to tactics of the world's largest economy. Tired of too many ads? go ad free now While smaller economies like Vietnam have capitulated by slashing tariffs and opening markets, India can use its growing energy imports as a strategic bargaining chip, and refuse to budge on sensitive issues like agriculture, believes Swaminathan Aiyar, Consulting Editor at ET Now. India's 'Trump Card': Energy imports According to Aiyar, India is in a far better negotiating position than most. 'I really think we should be tough and hold out. Our strength is that because we are short of oil and gas, we can be among the very few countries that are going to shrink their trade deficit with the USA,' Aiyar said, according to an ET report quoting the TV channel. India's oil imports from the US jumped to 439,000 barrels per day in June, up from 280,000 bpd the month before. That's exactly the kind of stat Trump loves, evidence that a trading partner is helping reduce the US trade deficit. Also read: Aiyar added, 'Other countries will find it very difficult because I do not think they are in a position to massively increase imports of energy.' Agri and dairy: Red lines for India But if Trump expects a wide-ranging trade deal, India's agricultural sector is where things hit a wall. Aiyar warned that any move to open India's markets to genetically modified (GM) crops, such as GM soy, maize, and wheat, which dominate US agriculture, would trigger domestic and international consequences. 'If we allow this in, then we will not be allowed to export to Europe because Europe won't take genetically modified crops,' Aiyar was quoted as saying. The issue is politically sensitive, especially after months of nationwide farmer protests. Tired of too many ads? go ad free now Any move to allow GM food imports could spark widespread backlash. So while Trump's farm lobby is pushing hard, India is unlikely to grant access. Also read: Vietnam's deal: More optics than economics Trump recently announced a deal with Vietnam, claiming zero-duty access and market entry. But Aiyar dismissed this as 'largely theatrical.' Vietnam, he said, imports very little from the US to begin with, so zero tariffs don't amount to much. 'The plain and simple fact is that they import very little from the USA… If they say import duty on cars comes down to zero, how many American companies are going to be competitive compared with the Japanese, Koreans, or Europeans?' Aiyar asked. Vietnam was already willing to offer zero tariffs on certain goods, and Trump's deal is more about symbolism than substance. Japan and EU are holding firm too India is not alone in resisting Washington's aggressive trade agenda. Both Japan and the European Union have rejected what they see as unfair, one-sided demands from the Trump administration. 'They are saying they are going to continue and have very serious problems with US proposals. We are not going to keel under,' Aiyar said. 'That sends a message to India and others, don't cave in.' With the July 9 deadline looming, Aiyar believes Trump is more focused on the headlines than the fine print. 'Even where there are partial agreements, as may be the case with India, he will play that up. He's a performer. A stage actor,' he said.
Indian Express
32 minutes ago
- Indian Express
Democrat delivers longest House floor speech to delay vote on Trump's ‘big, beautiful bill'
After a dramatic session, House minority leader Hakeem Jeffries has delivered the longest floor speech in modern House history, a forceful eight-plus-hour denunciation of the president's marquee domestic policy bill which he called an 'abomination'. 'Shame on this institution if this bill passes,' Jeffries said, as Democrats chanted shame. 'We are better than this.' In a fiery speech now lasting eight hours and 44 minutes, Jeffries has used the House's 'magic minute' rule — a tradition allowing party leaders unlimited speaking time — to delay the vote and attack the bill's deep cuts to healthcare and welfare programs. 'We are going to continue as Democrats to take our sweet time on behalf of the American people because the issues are too significant to ever walk away from,' Jeffries declared to cheers. He urged moderate Republicans to defect, saying: 'Join us! Just four, y'all. We welcome you.' Jeffries has labelled the bill a 'crime scene' that takes a 'chainsaw' to Medicare, Medicaid, food assistance and other social safety nets. Surrounded by binders of personal testimonies, he's been reading stories of Americans who could lose healthcare, nutrition support and vital benefits. 'People will die. Tens of thousands, perhaps year after year after year, as a result of the Republican assault on the healthcare of the American people.' The final vote is expected late Thursday or early Friday, after a night of behind-the-scenes pressure from Trump himself. The former president reportedly made dozens of calls to GOP lawmakers, and lashed out on Truth Social: 'What are the Republicans waiting for??? What are you trying to prove??? MAGA IS NOT HAPPY, AND IT'S COSTING YOU VOTES!!!' Despite internal Republican concerns about the bill's impact on the national debt and working-class Americans, House Speaker Mike Johnson remained upbeat, crediting Trump's 'personal involvement' for progress. Jeffries who took the floor just before 5 am Thursday, broke the record of Kevin McCarthy's 2021 record of 8 hours and 32 minutes.
