US President Donald Trump has announced a 35% tariff on goods imported from Bangladesh, a slight reduction from the previously proposed 37%.
The decision was outlined in a letter addressed to Dr Muhammad Yunus, chief adviser to the interim government, and shared via Trump’s social media platform, Truth Social.
Earlier in April, Trump had imposed retaliatory tariffs on Bangladeshi products alongside goods from several other countries.
At that time, a 37% tariff was imposed on Bangladeshi goods, up from the previous average rate of 15%.
In the letter, Donald Trump said that starting August 1, the US will impose a flat 35% tariff on all Bangladeshi goods entering the United States. Any imported goods will be subject to a higher rate to avoid higher penalties.
"Please understand that the 35% number is far less than what is needed to eliminate the Trade Deficit disparity we have with your Country. As you are aware, there will be no Tariff if Bangladesh, or companies within your Country, decide to build or manufacture product within the United States and, in fact, we will do everything possible to get approvals quickly, professionally, and routinely - In other words, in a matter of weeks," Trump wrote in his letter.
A tariff is a tax or duty placed on imported goods, paid by the importer. It raises the price of foreign products to make them less competitive in the domestic market.
