Bangladesh’s Chief Adviser’s Special Envoy for International Affairs, Lutfey Siddiqi, has said that the United States is likely to announce a reduction in counter-tariffs on Bangladeshi products early next week. Speaking at a press conference at the Foreign Service Academy on Tuesday, he stated that the US is sincere about lowering tariffs and that an official announcement could come by the end of this week or the beginning of next. The current tariff rate stands at 20 percent, though the extent of the reduction has not yet been clarified.

Siddiqi explained that he held detailed discussions on the issue with US Treasury Secretary and cabinet member Scott Besent during the World Economic Forum in Davos. He noted that many elements of the US non-tariff policy align with Bangladesh’s interim government’s reform agenda and that the trade deficit between the two countries, previously around six billion dollars, has significantly narrowed. These developments, he said, have contributed to a positive outlook from the US regarding easing trade barriers for Bangladesh.

Siddiqi also discussed Bangladesh’s ongoing trade talks with the European Union, Japan, Singapore, and South Korea, highlighting both opportunities and challenges in securing future trade benefits after the country’s graduation from LDC status.