Bangladesh Secures Diplomatic Victory in U.S. Tariff Negotiations

In a significant diplomatic achievement, Bangladesh has negotiated a reduction in U.S. tariffs on its apparel exports, lowering the rate from an initial 37% to 20%. This move provides a much-needed respite to the country's garment industry, the world's second-largest.

The revised tariff rate places Bangladesh in line with other major apparel-exporting countries such as Vietnam, Sri Lanka, and Indonesia. Meanwhile, competitors like India face higher tariffs, potentially impacting their export strategies.

Khalilur Rahman, Bangladesh's national security adviser, emphasized that protecting the apparel industry was paramount, while also boosting commitments to U.S. agricultural imports as a goodwill gesture. Industry leaders, including Muhammad Yunus, view the negotiation as a diplomatic triumph amid challenging trade dynamics.

(With inputs from agencies.)