Decision on US tariffs, trade deal after review: Commerce Minister

Commerce Minister Khandaker Abdul Muktadir on Wednesday said the government will take a decision on the United States’ reciprocal tariffs and the bilateral trade agreement after reviewing the evolving situation.

Talking to reporters after a meeting with business leaders at the Commerce Ministry, the minister said the issue remains under consideration as tariff-related developments in the US are still unfolding.

The remarks came after the Supreme Court of the United States declared the retaliatory tariffs imposed by President Donald Trump illegal, prompting him to announce new global tariffs.

Muktadir said the US initially declared a 10% tariff for all countries, later raising it to 15%. However, Bangladesh has yet to receive any official written communication from Washington. “We are hearing announcements through different channels, but nothing has come officially. Under US law, the relevant legal provisions require congressional approval within 150 days. So the scenario is still evolving.”

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Referring to the trade agreement signed earlier between Bangladesh and the US during the interim government’s tenure, the minister said it is too early to make any definitive comment.

“We are examining both the pros and cons of the agreement. It is natural for any deal to have two sides. After a thorough review, we will determine the next course of action,” he said.

Responding to a question on whether the agreement was signed hastily or kept confidential, Muktadir said certain non-disclosure agreements were in place during negotiations, describing the deal as a sensitive issue given the importance of the US as a trading partner. “In the current evolving situation, it would not be appropriate to make any unwarranted comments.”

About discussions with business leaders, the minister said representatives from various sectors were invited to share their concerns regarding tariffs and the trade agreement. “We discussed sector-specific challenges and other related matters.”

Regarding the price situation during Ramadan, the minister said commodities monitored by the Commerce Ministry remain stable in the market.

He pointed out that the prices of some vegetables temporarily increased due to bulk buying at the beginning of Ramadan. “At the start of Ramadan, many people purchase a month’s supply at once, and some traders take advantage of the situation. For example, lemons that were selling at Tk40–50 rose to Tk120, but later returned to previous levels.”

Replying to a question on extortion, the minister said previous governments had made promises to curb the practice without success. “Wait and see. We will deliver through action.”

State Minister for Commerce Md Shariful Alam and Commerce Secretary Mahbubur Rahman were, among others, present at the meeting.