US Cuts Tariffs on Bangladesh Goods, Exempts Some Apparel [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
from Bangladesh and offering a new exemption for textile products, the White House said Monday, in the latest adjustment for the South Asian country. President Donald Trump will lower the country's overall reciprocal tariff to 19%, after previously slashing the rate from 37% to 20% last year. But the deal also includes a mechanism that allows certain textile merchandise to receive a full exemption from the levies, providing a break to Bangladesh's apparel industry. Most Read from Bloomberg The mechanism will apply to “certain textile and apparel goods from Bangladesh using U.S.-produced cotton and man-made fiber,” interim Bangladesh leader Muhammad Yunus said in a social media post. The exemption will benefit Bangladesh, the world's second-largest garment exporter after China. The sector accounts for more than 80% of the country's total exports and about 11% of the gross domestic product. A key driver of poverty reduction, the industry employs about four million people, the va
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