Reciprocal tariff may decline riding on increased US imports: adviser

Bangladesh expects the reciprocal tariff rate with the USA to reduce further as the trade gap narrows, driven by increased imports, Commerce Adviser Sk Bashir Uddin said today.

The adviser made the remark at a press conference held at the commerce ministry after a meeting with Brendan Lynch, the assistant US trade representative for South and Central Asia.

The reduction of the tariff rate depends on the increase in imports of US goods to narrow the bilateral trade gap.

He also said a trade agreement between Bangladesh and the USA may be signed this month, as the issue was widely discussed at the meeting.

Bangladesh is targeting higher imports of US liquefied natural gas, wheat, soybeans, and cotton to reduce the trade gap with the Trump administration.

Currently, two-way trade between Bangladesh and the USA is heavily tilted towards Bangladesh because of the large volume of garment exports from the South Asian nation.

Annually, Bangladesh exports goods worth over $8.2 billion to the USA, while imports amount to $2 billion.