Commerce Minister Khandaker Abdul Muktadir on Wednesday described the recent US tariff developments as an “evolving scenario,” saying Bangladesh has not yet received any formal written communication from Washington regarding the newly announced measures.
Speaking to reporters after a meeting with business leaders at the Commerce Ministry at Bangladesh Secretariat, the minister said the tariff framework has shifted following a ruling by the Supreme Court of the United States.
According to him, an earlier tariff imposed under the International Emergency Economic Powers Act (IEEPA) was deemed not maintainable by the court.
He said the US administration subsequently introduced a fresh tariff under Section 122, first setting it at 10 per cent before raising it to a uniform 15 per cent applicable to all trading partners.
“We have seen the announcements through media reports, but we have not yet received any official notification through diplomatic or formal government channels,” he said.
Explaining the legal procedure, the minister noted that a tariff introduced under Section 122 must be placed before the US Congress and ratified within 150 days. Until such processes are completed, he suggested, the situation remains fluid.
Describing the matter as sensitive, he urged caution in public commentary.
“This involves a major trading partner. We must proceed carefully and avoid premature conclusions,” he said.
On a trade agreement signed earlier this month by the previous administration with the United States, Muktadir said the current government is reviewing its provisions.
“Every agreement has clauses that are beneficial and others that require scrutiny. We will evaluate thoroughly before deciding our course of action,” he said, adding that several procedural steps must be completed before any agreement becomes operational.
Responding to a query on whether the new 15 per cent universal tariff is preferable to the earlier 19 per cent reciprocal duty, he said the previous structure varied by country, whereas the new rate applies equally to all.
“Whether it is advantageous depends on broader trade dynamics,” he remarked.
The minister also clarified that a non-disclosure agreement related to the trade discussions applied only during the negotiation phase.
Beyond the US tariff issue, the meeting with business representatives addressed challenges facing multiple sectors, including textiles, pharmaceuticals and manufacturing.
The ministry aims to hold sector-specific consultations in the coming weeks to identify ways to boost exports.
On domestic market conditions during Ramadan, the minister said essential commodities imported by the government remain stable in price.
He attributed occasional price spikes to temporary demand surges and opportunistic trading practices, noting that such fluctuations often correct themselves within days.
Concluding his remarks, Muktadir reiterated that the government is closely monitoring developments on the US tariff front and will act prudently to safeguard Bangladesh’s trade interests while maintaining balanced international relations.
