US Commerce Minister Howard Lutnik says President Donald Trump will be in effect from the time the tariff has set a deadline. The deadline will not be extended. That is, it will be effective from August 7. However, Bangladesh has not yet reached any formal agreement with the United States with only 5 days left in hand. However, the US Commerce Minister said the tariff would be effective but there would be opportunities for discussion.
Howard Lutnik said at the Fox News Sunday at the local time on Sunday that the August 5 deadline was finalized to impose tariffs on US trade partners. This deadline will no longer be extended, the tariff will be effective from that day.
Lutnik said, 'No extra time, no more grace period. The tariff is coming into effect from August 1. Customs will start collecting money, then we will move forward. ' However, he said the path to the negotiations would remain open even after the tariff was in effect.
Meanwhile, five countries have reached an agreement with the United States before the deadline. The countries are the United States, Vietnam, Indonesia, the Philippines and Japan. Trump has announced the latest European Union agreement. Most countries in the world have not yet reached the contract. The rate at which these five countries agreed to the tariff is higher than the 5 percent basic tariff announced last April. However, these tariffs are much lower than the Trump administration threatened to impose tariffs on countries that could not reach the agreement.
Meanwhile, there have been advance agreements to reduce the trade deficit with the United States, draw the Trump administration towards themselves and reduce the announcement of the announced tariffs on possible agreements and the import of more wheat, cotton and soybeans from the country. However, it is doubtful whether Trump's mind will melt. Therefore, Bangladesh has promised to buy 20 aircraft from Boeing, the US aircraft maker. A five -member delegation is going to Washington to discuss the tariff after announcing such a big purchase promise.
The delegation led by Commerce Advisor Sheikh Bashiruddin will hold talks with USTR representatives on a three -day visit. The discussion will include high tariffs, access to the market and the balance of import and export directly.
Concerned that Bangladesh has already made several strategic promises to persuade the United States to reduce counter -tariff. These include ordering the purchase of 20 aircraft from the Boeing Company in the United States, the import agreement to import 1 lakh tonnes of wheat every year from the country, and the announcement of the cotton and soybean imports three times the increase. Currently $ 1 million is imported from the United States. It has been promised to increase it to $ 1 million.
Commerce Secretary Mahbubur Rahman told today's newspaper, “Keeping in mind the reality of the market, we are discussing mutual interest with the United States. Now it is the turn to give some promises, so that the pressure on the counter can be reduced somewhat. ' He said, “Although there are orders for buying 5 Boeing before, it has now been increased to 20.
Besides, there have been advance agreements in import of wheat, cotton and soybeans. It is not just diplomatic relations, this decision to keep the supply chain safe and build an alternative market. I hope the discussion with the US administration will be easier. '
According to the government, this promise is not a manifestation of any unilateral dependence, but there will be opportunities to import from other sources in the future. But now the center of the discussion is to reduce US tariffs. Because, in the current situation up to 5 percent, it is almost impossible to retain the market with additional tariffs.
“We have responded to every paragraph given by the United States,” the Commerce Secretary said. This time it has been directly discussed. Some production from China's market is also creating the potential of coming to Bangladesh. We want to catch it. '
Meanwhile, BGMEA President Mahmud Hassan Khan Babu said that Bangladesh needs tariffs like competitors like India and Vietnam to retain the location in the US market. Otherwise, the risk of losing this market will be created.
