Yunus praises Bangladesh's trade deal with US, refers Trump administration imposing 25 percent tariff on India

Muhammad Yunus wrote on X, "Bangladesh secured a 20% tariff rate—comparable to its key apparel-sector competitors such as Sri Lanka, Vietnam, Pakistan, and Indonesia, which received rates between 19% and 20%. As a result, Bangladesh's relative competitiveness in apparel exports remains unaffected."

Referring to the tariff imposed on India, the interim chief's X page statement said: " By contrast, India received a 25% tariff after failing to reach a comprehensive agreement with the U.S."

In another X post, he said: " This achievement not only underscores Bangladesh’s rising strength on the global stage but also opens the door to greater opportunities, accelerated growth, and lasting prosperity."

He said Bangladesh's future remains undeniably bright.

"Today’s success stands as a powerful testament to the nation’s resilience and its bold vision for a stronger economy tomorrow," he said.

Yunus commented amid a deteriorating relationship between India and Bangladesh in recent months since former PM Sheikh Hasina exited the country's political arena amid severe protests against her government on August 5, 2024.

US President Donald Trump on Thursday signed an executive order that imposed reciprocal tariffs ranging from 10 per cent to 41 per cent on 70 nations, including India.

Trump said the new tariffs are being imposed to make his nation 'rich' and 'great' again.

He wrote on Truth Social: "Tariffs are making America GREAT & RICH Again."

He also signed an executive order to increase tariff on Canada from25% to 35%.

In a statement, the White House said: "Canada has failed to cooperate in curbing the ongoing flood of fentanyl and other illicit drugs, and it has retaliated against the United States for the President’s actions to address this unusual and extraordinary threat to the United States."

"In response to Canada’s continued inaction and retaliation, President Trump has found it necessary to increase the tariff on Canada from 25% to 35% to effectively address the existing emergency," he said.

The White House statement showed the US has imposed 25 percent tariffs on India.

The Trump-administration, however, showed a softer stand towards Pakistan and reduced tariff rate from 29 to 19 percent.

The US also reduced Bangladesh's tariff rates from  35 percent to 20 percent.

The White House said this rate shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time 7 days after the date of this order.