US officials have showed a willingness to reduce the planned 35% additional tariffs on Bangladeshi imports, according to a media report.
After the first day of third-round talks in Washington, Commerce Secretary Mahbubur Rahman told the media that the rate would be “significantly reduced.” The new rate is yet to be fixed.
The talks were held for five hours between 12:30pm and 05:30pm US time.
Further talks are expected on 30 and 31 July. The Bangladeshi delegation is expected to return home on 3 August.
Commerce Adviser Sheikh Bashir Uddin is leading the delegation in a bid to persuade the US government to reduce 35% additional tariffs that would come into effect on 1 August.
The tariff builds on the existing 15% tariff imposed on Bangladeshi goods bound for the US, resulting in 50% average tariff across the board. The additional 35% tariff could cripple the Bangladeshi garment industry reliant on the US market.
US President Donald Trump announced the extra tariffs on 7 July, but allowed the government reprieve until 1 August to negotiate a trade deal that would improve US access to Bangladeshi market.
