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20 hours ago
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Source: AFP
Bangladesh's interim person called an exigency gathering connected Saturday aft textile leaders successful the world's second-largest garment manufacturing federation said US tariffs were a "massive blow" to the cardinal industry.
Textile and garment accumulation accounts for astir 80 percent of exports successful the South Asian country, and the manufacture has been rebuilding aft it was hard deed successful a gyration that toppled the authorities past year.
US President Donald Trump connected Wednesday slapped punishing caller tariffs of 37 percent connected Bangladesh, hiking duties from the erstwhile 16 percent connected fabric and 32 percent connected polyester products.
Bangladesh exports $8.4 cardinal of garments annually to the United States, according to information from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the nationalist commercialized body.
That totals astir 20 percent of Bangladesh's full ready-made garments exports.
Interim person Muhammad Yunus "convened an exigency meeting... to sermon the US tariff issue," the authorities said successful a statement.
Sheikh Bashiruddin, who holds the commerce portfolio successful the government, told reporters aft the gathering that Yunus "will rise the contented with the US administration".
Bashiruddin said helium believed Bangladesh would "not beryllium severely affected", adding that immoderate different competitors faced "much higher than those connected us".
Yunus' elder advisor Khalilur Rahman said the authorities had been readying for the tariff hike, and had began talks with US officials successful February.
"I person already spoken with respective State Department officials," Rahman said connected Saturday.
"The discussions are ongoing. We volition instrumentality the indispensable steps based connected these discussions."
Bangladesh's taxation authority, the National Board of Revenue, is besides expected to conscionable to reappraisal the fallout from the tariffs.
Rakibul Alam Chowdhury, president of RDM Group, a large shaper with an estimated $25 cardinal turnover, said connected Thursday that the manufacture would suffer trade.
"Buyers volition spell to different cost-competitive markets -- this is going to beryllium a monolithic stroke for our industry," helium said.
Several garment factories nutrient covering for the US marketplace alone.
Anwar Hossain, head of the BGMEA, has told AFP that the manufacture was "not ready" for the tariff impact.
Bangladesh, the second-largest shaper aft China, manufactures garments for planetary brands -- including for US firms specified arsenic Gap Inc, Tommy Hilfiger and Levi Strauss.
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Source: AFP
