Dhaka: Asian Development Bank (ADB) Country Director for Bangladesh Hoe Yun Jeong emphasized the need for Bangladesh to diversify its exportable products and markets in response to the impacts of the United States’ reciprocal tariff policy. This statement came during the launch of the Bangladesh chapter of the ADB’s latest report, the Asian Development Outlook (ADO), held at its Bangladesh Resident Mission office in Agargaon.
According to Bangladesh Sangbad Sangstha, the US has announced a 37 percent tariff on imports from Bangladesh as part of President Donald Trump’s “Reciprocal Tariffs” policy. The US government claims that Bangladesh imposes a 74 percent tariff on American goods, prompting the implementation of a 37 percent “discounted reciprocal tariff” on Bangladeshi products entering the US market.
In response, Chief Adviser Professor Muhammad Yunus has reached out to US President Donald Trump, requesting a postponement of the tariff application for three months to facilitate Bangladesh’s initiative to increase US exports. Commerce Adviser Sk. Bashir Uddin has also communicated with the USTR, promising the export of 100 more products to the US at zero tariff to address the trade deficit.
Hoe Yun Jeong highlighted the importance of negotiating with the US as a short-term measure but stressed the long-term necessity for Bangladesh to diversify its export markets and products. He suggested that Bangladesh could use this opportunity to rationalize its import tariff structure and reform non-tariff barriers, applying these reforms to other countries as well.
Jeong noted that it is premature to predict the exact impact of the US tariff on Bangladesh’s economy. The ADB plans to continue analyzing these effects, with further insights to be provided in the July ADO update. He also pointed out that high inflation remains a critical challenge for Bangladesh, affecting purchasing power and investment. To tackle this, he recommended improvements in the supply chain, reduction of logistics costs, and investments in energy resources.