Professor Muhammad Yunus called an emergency meeting following US tariffs that threaten Bangladesh’s textile industry, which constitutes 80% of the country’s exports. The new tariffs, increasing from a previous 16% to 37%, endanger the $8.4 billion annual garment trade. Industry experts are concerned about lost buyers to more cost-effective markets as the country faces substantial, unforeseen economic challenges.

Bangladesh’s interim leader, Professor Muhammad Yunus, has called an emergency meeting in response to newly imposed tariffs by the United States, which are deemed a significant threat to the nation’s textile industry. This industry is pivotal as it represents 80 percent of Bangladesh’s total exports and has recently been attempting to recover from upheavals following last year’s governmental changes.

The Trump administration has increased tariffs on Bangladesh, imposing a 37 percent duty on cotton and a 32 percent tariff on polyester products. Such measures have alarmed textile leaders in India, as exports valued at $8.4 billion annually may face substantial declines due to decreased competitiveness from other producing nations.

The emergency meeting, scheduled for late Saturday in Dhaka, will include government officials, industry experts, and advisers who will evaluate the implications of the tariffs. Concurrently, the National Board of Revenue is also set to meet to explore the economic repercussions of this decision.

Industry leaders have voiced their concerns over the tariffs. Rakibul Alam Chowdhury, chairman of RDM Group, stated that this decision would compel buyers to seek alternatives in more cost-competitive markets, ultimately harming Bangladeshi producers. Anwar Hossain of the BGMEA indicated that the sector is ill-prepared for such repercussions.

In summary, the recent tariff adjustments by the United States pose a considerable challenge to Bangladesh’s vital textile and garment sector. This industry accounts for a significant portion of the country’s economy and export capabilities, underscoring the urgency of Yunus’s emergency meeting to safeguard the sector’s interests and determine strategic responses.

Original Source: www.news18.com

Related posts:

Bangladesh’s Garment Sector Faces Crisis Over New US Tariffs Bangladesh’s Emergency Meeting on US Tariffs Impacting Garment Industry Bangladesh Holds Emergency Talks Over New US Tariffs Impacting Garment Industry Bangladesh’s Emergency Talks on Impending US Tariffs for Garments