“The historic trade agreement with the United States has been successfully negotiated,” said Professor Dr. Muhammad Yunus, Chief Advisor to the Interim Government. For Bangladesh, this is a significant diplomatic triumph. I want to express my sincere congratulations to the Bangladeshi tariff negotiation team.

Shafiqul Alam, the Chief Advisor’s press secretary, posted on his verified Facebook page on Friday morning, August 1, revealing the Chief Advisor’s initial response.
Being able to cut the tariff rate to 20 percent, which is 17 points less than the anticipated rate, is a credit to the exceptional strategic abilities of our negotiation team and its steadfast dedication to safeguarding the nation’s economic interests, according to the Chief Advisor.

He stated that they have been working diligently since last February and have made significant progress through intricate negotiations regarding tariffs, non-tariff issues, and national security. This agreement has maintained Bangladesh’s competitive edge, enhanced our access to the world’s largest consumer market, and effectively protected national interests.

The chief advisor also mentioned that this achievement not only acknowledges Bangladesh’s increasing influence on the global stage but has also paved the way for greater opportunities, accelerated development, and sustained prosperity. The future of Bangladesh is now undeniably promising.

He remarked that today’s achievement is a testament to our national resilience and the ambitious vision for a robust economic future.

Previously, the United States had implemented a 20 percent tariff on goods imported from Bangladesh, reduced from 35 percent to 15 percent. This new rate will take effect on Friday (August 1) according to US time.

This sum was stated in a White House announcement on the levy, according to a report by the British news agency Reuters. The list includes a number of other nations that have been subject to tariffs in addition to Bangladesh.

Washington has imposed tariffs of 19 percent on Pakistan, 15 percent on Afghanistan, 25 percent on India, 10 percent on Brazil, 19 percent on Indonesia, 19 percent on Malaysia, 40 percent on Myanmar, 19 percent on the Philippines, 20 percent on Sri Lanka, and 20 percent on Vietnam, among other nations, according to the recent White House announcement.