Dhaka: Commerce Minister Khandaker Abdul Muktadir on Wednesday said the government will take a decision on the United States' reciprocal tariffs and the bilateral trade agreement after reviewing the evolving situation.
According to United News of Bangladesh, the minister addressed reporters following a meeting with business leaders at the Commerce Ministry, stating that the matter is still under consideration as developments in the US continue to unfold. The Supreme Court of the United States recently declared the retaliatory tariffs imposed by former President Donald Trump as illegal, leading to the announcement of new global tariffs.
Muktadir noted that the US initially introduced a 10 percent tariff on all countries, which was later increased to 15 percent. However, Bangladesh has not yet received any official written communication from Washington regarding these changes. "We are hearing announcements through different channels, but nothing has come officially. Under US law, the relevant legal provisions require congressional approval within 150 days. So the scenario is still evolving," he explained.
The minister also mentioned the trade agreement signed earlier between Bangladesh and the US during the interim government's tenure, emphasizing that it is premature to make any definitive statements about it. "We are examining both the pros and cons of the agreement. It is natural for any deal to have two sides. After a thorough review, we will determine the next course of action," he stated.
Addressing concerns about whether the agreement was signed hastily or kept confidential, Muktadir clarified that certain non-disclosure agreements were in place during the negotiations, due to the US's significance as a trading partner. "In the current evolving situation, it would not be appropriate to make any unwarranted comments," he added.
During discussions with business leaders, representatives from various sectors were invited to voice their concerns about tariffs and the trade agreement. "We discussed sector-specific challenges and other related matters," the minister said.
On the topic of commodity prices during Ramadan, Muktadir assured that items monitored by the Commerce Ministry remain stable in the market. He acknowledged temporary price hikes in some vegetables due to bulk buying at the beginning of Ramadan. "At the start of Ramadan, many people purchase a month's supply at once, and some traders take advantage of the situation. For example, lemons that were selling at Tk 40-50 rose to Tk 120, but later returned to previous levels," he noted.
On the issue of extortion, the minister remarked on the failure of previous governments to address the problem effectively. "Wait and see. We will deliver through action," he asserted. State Minister for Commerce Md Shariful Alam and Commerce Secretary Mahbubur Rahman were also present at the meeting.