United States (US) President Donald Trump has imposed a 10% tariff on all imports into the United States and announced higher tariffs on several major trade partners, including Bangladesh.
At a press conference at the White House on Wednesday (April 2) at 4 PM Washington time (2 AM Bangladesh time), Trump declared new tariff measures, raising the tariff on Bangladeshi products to 37%, up from the previous 15% average tariff.
Impact on Bangladesh’s Exports
Bangladesh exports goods worth approximately $8.4 billion to the U.S. annually, with the majority coming from the ready-made garments (RMG) sector.
Last year alone, Bangladesh’s apparel exports to the U.S. totaled $7.34 billion. The newly imposed higher tariffs are expected to severely impact Bangladesh’s export industry, particularly the garment sector.
Calling the day "Economic Independence Day", Trump justified the tariffs by stating:
"For decades, our country has been looted, plundered, and destroyed by both friends and foes, near and far. Foreign scavengers have torn apart the once-beautiful American Dream."
Tariffs on Other Countries
In addition to Bangladesh, the U.S. has imposed varying tariff rates on other countries:
India: 26%; Pakistan: 29%; China: 34%; European Union: 20%; Vietnam: 46%; Sri Lanka: 44%; Taiwan: 32%; Japan: 24%; South Korea: 25%; Thailand: 36%; Switzerland: 31%; Indonesia: 32%; Malaysia: 24%; Cambodia: 49%; United Kingdom: 10%; South Africa: 30%; Brazil: 10%; Singapore: 10%; Israel: 17%; Philippines: 17%; Chile, Australia, Turkey, Colombia: 10% each; Myanmar: 44%; Laos: 48%; and Madagascar: 47%.
These steep tariffs could have significant economic implications worldwide, particularly for developing economies reliant on U.S. trade. Bangladesh’s business community has expressed deep concern over the potential downturn in exports and economic strain on the country’s vital garment industry.
