Tariffs Rock Bangladeshi and Sri Lankan Garment Industries

Bangladeshi garment exporter Shahidullah Azim is facing a crisis as the Trump administration imposes a 37% tariff on his country's exports. The garment sector, crucial for Bangladesh's economy, is seeking government support to address the significant threat to its viability. Meanwhile, India could benefit from the shift in U.S. buying preferences.

The Bangladeshi garment industry, a vital pillar of its economy, faces yet another severe challenge. U.S. President Donald Trump's sudden implementation of a 37% tariff on exports has sent shockwaves across the sector, endangering jobs and the nation's economic stability.

Shahidullah Azim, a key figure in Bangladeshi garment exports, expressed his dismay, noting the immediate pressure this exerts on businesses and the potential for mass order cancellations. Compounding this issue, disputes and political crises have already undermined market confidence.

Notably, Trump's tariff decision might unexpectedly benefit neighboring India, which is now positioned as a more attractive option due to its lower tariff rate of 27%. Meanwhile, Sri Lanka also faces escalating challenges, prompting urgent government intervention as they confront a hefty 44% tariff.

(With inputs from agencies.)