NBR to Decide Response to US 37% Tariff in Sunday's Meeting

NBR officials are currently evaluating whether there is any scope to lower customs duties on U.S. imports as a reciprocal response to the tariff hike.

On Thursday, U.S. President Donald Trump announced the new 37% tariff on Bangladeshi goods, alongside similar tariffs on imports from several other countries. The measure is seen as targeting nations with whom the U.S. has a significant trade deficit, with the U.S. citing trade barriers, including high tariffs, imposed by these countries on American products as a primary factor.

In light of the U.S. decision, the NBR has initiated a thorough review to assess the potential impact and identify strategic responses.

According to NBR sources, approximately 2,500 products are imported from the United States annually. The board is now reviewing the existing customs duties on these products and considering the possibility of reducing them as a retaliatory measure.

In addition to customs duties, the NBR is examining other applicable taxes on U.S. imports, including VAT, supplementary duties, regulatory duties, and advance taxes.

“A dedicated team has been assigned to evaluate the broader impact of the U.S. tariff increase and to explore potential policy changes. We are also investigating the feasibility of lowering customs duties and taxes on specific U.S. products,” a senior NBR official stated.

However, another official emphasized that any adjustments to customs duties must adhere to the international Harmonized System (HS) Code, meaning duty reductions would apply uniformly to relevant products, irrespective of their country of origin.

In 2024, Bangladesh imported goods worth $2.62 billion from the United States, spanning 2,515 items under the HS Code, according to NBR data.