As part of the retaliatory tariff policy, US President Donald Trump has imposed new tariffs on various countries. The US President announced the new tariffs at a press conference at the White House on Wednesday at 4 pm local time in Washington (2 am Bangladesh time on Wednesday). Bangladesh is also included in this.
President Donald Trump has also imposed a 25 percent tariff on all types of foreign car imports into the United States. Trump said that more than 80 percent of the cars produced in South Korea are sold in that country. And more than 90 percent of the cars sold in Japan are made in that country. US cars are sold very little in these countries.
The White House has announced that the 10 percent tariff on the products of the countries on which the tariffs have been imposed will be implemented from 12:01 am local time on April 5, US time. The new tariffs on goods from countries where Trump has announced tariffs of more than 10 percent will take effect on April 9 at 12:01 a.m. US local time.
Trump said that in trade, sometimes ‘friends are worse than enemies’. Trump’s announcement imposed a 26 percent tariff on Indian goods. A 29 percent tariff on Pakistani goods. A 34 percent tariff on Chinese goods.
In addition, 20 percent tariffs have been imposed on European Union products, 46 percent on Vietnamese products, 44 percent on Sri Lankan products, 32 percent on Taiwanese products, 24 percent on Japanese products, 25 percent on South Korean products, 36 percent on Thai products, 31 percent on Swiss products, 32 percent on Indonesian products, 24 percent on Malaysian products, 49 percent on Cambodian products, 10 percent on UK products, 30 percent on South African products, 10 percent on Brazilian products, 10 percent on Singaporean products, 17 percent on Israeli products, 17 percent on Philippine products, 10 percent on Chilean products, 10 percent on Australian products, 10 percent on Turkish products, and 10 percent on Colombian products.
In addition, 44 percent tariffs have been imposed on Myanmar products, 48 percent on Laos products, and 47 percent on Madagascar products. Meanwhile, the United States is one of Bangladesh’s two main export markets. A large portion of Bangladesh’s main export product, ready-made garments, is exported to the country.
Bangladesh’s annual exports to the United States are about 8.4 billion dollars (8.4 billion), which are mainly ready-made garments. Last year, ready-made garment exports to the United States stood at 7.34 billion dollars (7.34 billion). The imposition of these new high tariffs could have a major negative impact on Bangladesh’s exports, especially the ready-made garment sector.
Sources: BBC, AFP, Reuters.