U.S. President Donald Trump has significantly increased tariffs on Bangladeshi products, raising the duty from an average of 15 percent to 37 percent. The announcement was made during a White House press conference on Wednesday (April 2nd) at 4:00 PM local time (2:00 AM Thursday, Bangladesh time).
President Trump stated that this action aligns with tariffs imposed by other nations on American goods. He unveiled a list of new tariffs affecting various countries, including India (26%), Pakistan (29%), China (34%), the European Union (20%), Myanmar (44%), Laos (48%), Madagascar (47%), Vietnam (46%), Sri Lanka (44%), Taiwan (32%), Japan (24%), South Korea (25%), Thailand (36%), Switzerland (31%), Indonesia (32%), Malaysia (24%), Cambodia (49%), the United Kingdom (10%), South Africa (30%), Brazil (10%), Singapore (10%), Israel (17%), the Philippines (17%), Chile (10%), Australia (10%), Turkey (10%), and Colombia (10%).
At the beginning of his address in the Rose Garden, which was attended by journalists and other individuals, President Trump declared the day the United States' "Economic Independence Day," promising "very good news." His remarks were met with applause from the audience.
Describing the new tariffs as the "economic independence" of the United States, Trump asserted that the country had waited a long time for this day, adding that in trade, sometimes "friends are worse than enemies."
Announcing a 25 percent tariff on all types of foreign car imports into the US, President Trump pointed out that over 80 percent of cars produced in South Korea are sold domestically, and more than 90 percent of cars sold in Japan are manufactured there, while US car sales in these countries are minimal.
Highlighting that American company Ford sells very few cars in other countries, Trump stated that a 25 percent tariff would be imposed on motor vehicles manufactured in any other country, effective from midnight tonight.
Referring to the new tariffs as a reflection of his "America First" policy, President Trump said that this day would be remembered as the "rebirth" of American industry and the day America would become "wealthy again." He claimed that the United States had faced trade barriers for decades.
President Trump also stated that other countries have imposed significant tariffs on US products, and in many cases, non-tariff barriers have created even worse situations. He accused various countries of intellectual property theft and imposing other restrictions.
It is noteworthy that the United States is a major export destination for Bangladesh's ready-made garments, with annual exports reaching approximately $8.4 billion. However, last year, garment exports to the US stood at $7.34 billion. Economists fear that the newly imposed high tariffs by the United States will have a significant negative impact on Bangladesh's ready-made garment exports.
