Bangladesh secures minimum 10pc US tariff under new trade rules

Bangladesh will face a minimum 10 per cent US import tariff under Washington's newly finalised trade policy, the Ministry of Foreign Affairs said in a press release Friday (July 24).

The ministry said the tariff places Bangladeshi garments and other export goods in a stronger position in the US market compared with major competing suppliers.

According to the release, the US government announced on July 23 new tariffs on 60 economies, representing 86 countries worldwide, under Section 301 of the Trade Act of 1974.

The action follows an investigation by the Office of the US Trade Representative (USTR) into allegations of forced labour in global supply chains.

The ministry said Bangladesh's principal rivals in ready-made garment exports — China, Vietnam and Thailand — face a higher 12.5 per cent tariff under the same measure, widening Bangladesh's competitive margin in the US market.

The new rate took effect at 12:01am (Washington time) on July 24, replacing the temporary 10 per cent global tariff that had been in place under Section 122 of the Trade Act.

Officials said the rate will leave the country's exports more competitive against key rivals.