Tariff in US market will reduce further: Salehuddin

Finance Adviser Dr Salehuddin Ahmed has said that the government is still hopeful of availing lower tariff rate in the US market as efforts are going on to minimize the bilateral trade gap.

“We’re hopeful that the tariff in the US market will reduce further as we’re trying our best,” he said.

The Finance Adviser was replying to the queries of reporters after chairing two separate meetings on the Advisers Council Committee on Economic Affairs and the Advisers Council Committee on Government Purchase at the Cabinet Division at Bangladesh Secretariat on Wednesday.

He said that the bilateral trade gap with the USA is not much as it is around $6.5 billion to $7 billion, adding that some essential items may also be imported from there.

Replying to another question, he said that a Bangladesh delegation would again sit with the US side over the tariff issue headed by the Commerce Adviser.

The Commerce Adviser will go to the USA next week before August 1.

“He (Commerce Adviser) will have meetings with the USTR, I am also talking through my channel,” he added.

In this connection, he said that engaging lobbyists would not bring any positive result at this stage when the decisions are coming out very quickly.

He said that these decisions are being taken quickly at the highest level.

Besides, the Finance Adviser said negotiations are also going on with the USA over the tariff issue.
Replying to another question, he said that the protein level of wheat to be imported from the USA would be bit higher while its impurity will be much less.

He said there are also some advantages while procuring wheat from the USA as it will diversify the procuring sources, the protein content will be a bit higher while it will also be supportive to the government’s tariff negotiations with the USA.

The Trump administration is scheduled to impose new reciprocal tariff rates for the countries concerned from August 1 unless the pause on reciprocal tariff schedule is extended further.

Bangladesh has agreed to reduce tariffs on several US goods and increase imports from that country as part of the broader negotiation process.

Due to the new 35 percent tariff imposed by the Trump administration, the local exporters may find it difficult to maintain its competitiveness in the US market, where Bangladesh last year exported garment items worth over $8.2 billion.