Mahbub Hasan Tutul, Correspondent Dhaka
Professor Dr. Muhammad Yunus, chief advisor to the interim government of Bangladesh, has written to President Donald Trump on the US tariff issue. The letter calls for the suspension of the 37 percent tariff proposal for three months.
In the letter sent on Monday, the chief advisor urged the United States to give Bangladesh time to increase imports and reform the tariff structure to build a balanced trade relationship.
In the letter to Trump, the chief advisor said, “Immediately after your inauguration, I sent my high-level representative to inform that we are interested in significantly increasing imports of US products in a rapidly growing market of 170 million people. We are the first country to take this initiative.”
Noting that Bangladesh was the first country to sign a multi-year agreement to import liquefied natural gas (LNG) from the United States, he said that Bangladesh has been working to expand LNG-based cooperation since the Trump administration lifted the ban on LNG exports.
The letter mentioned that the Bangladesh government has already taken steps to increase imports of US agricultural products—especially cotton, wheat, corn, and soybeans—which will have a positive impact on the income and livelihood of American farmers. To reach these products quickly to the market, work is in the final stages of launching a ‘dedicated bonded warehouse’ in Bangladesh, where these products will have duty-free access.
Stating that Bangladesh has the lowest tariffs on US exports in South Asia, Dr. Yunus wrote in the letter, in addition to the commitment to keep tariffs zero on cotton, scrap iron, and agricultural products, work is underway to reduce tariffs by up to 50 percent on top US products such as gas turbines, semiconductors, and medical equipment.
In addition, Bangladesh has also taken steps to remove existing non-tariff barriers to the export of US goods. These include reducing audit and testing requirements, simplifying packaging and labeling standards, simplifying customs procedures and expanding other trade facilities.
The letter further stated that Bangladesh has already completed the process of launching the US internet service provider Starlink in the country.
As a result, new doors will be opened for US investment in various high-tech sectors including civil technology, civil aviation and defense sectors.
Professor Yunus said, we hope that these initiatives will be implemented within the next three months. During this period, we will complete the trade expansion and balance creation activities in consultation with US officials.
In the last part of the letter, he requested, “We request you to consider suspending the countervailing duties imposed on export products from Bangladesh for three months. I sincerely hope that you will accept our request.”
