Bangladesh clothes makers uneasy amid Trump tariff push

The Manila Times

Bangladesh clothes makers uneasy amid Trump tariff push  Bangladeshi ready-made garment (RMG) factory owners voiced alarm on Tuesday, July 8, after US President Donald Trump sent a letter to the South Asian country's Chief Adviser, announcing a 35 percent increase in export tariffs on any export goods starting next month.  Bangladesh, the world’s second-largest exporter of RMG clothing after China, faces stiff competition from India, Pakistan, and Vietnam to compete in its nearly $40-billion global apparel market, nearly one-fourth of which comes from the US alone.  While Vietnam has been served a 20 percent tariff hike by Washington, Bangladeshi manufacturers are anxiously awaiting the outcome of ongoing trade negotiations between Dhaka and US officials in Washington.  REUTERS VIDEO  Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe  Visit our website at https://www.manilatimes.net  Follow us:  Facebook - https://tmt.ph/facebook  Instagram - https://tmt.ph/instagram  Twitter - https://tmt.ph/twitter  DailyMotion - https://tmt.ph/dailymotion   Subscribe to our Digital Edition - https://tmt.ph/digital   Check out our Podcasts:  Spotify - https://tmt.ph/spotify  Apple Podcasts - https://tmt.ph/applepodcasts  Amazon Music - https://tmt.ph/amazonmusic  Deezer: https://tmt.ph/deezer Stitcher: https://tmt.ph/stitcher  Tune In: https://tmt.ph/tunein  Soundcloud: https://tmt.ph/soundcloud   #themanilatimes #tmtnews #worldnews

Transcript

00:00As of now, it's a big sad news for us. If we cannot improve it, within the next three

00:25weeks I think the Trump administration gave the deadline the 1st of August and he hinted

00:32that there is still scope to renegotiate the whole thing. So that we can hope but honestly

00:39I cannot hope that much big because in three months we could not do anything to be very

00:43honest. So in next three weeks if we can do that will be fantastic but as of now it is

00:50very difficult for me to be that much hopeful. But it's a very complicated situation, very

00:57unclear. Most unclear, more risky for us. So it is a very bad time in next three weeks.

01:05I think it will be sleepless time for the manufacturers, those particularly dealing with U.S. order

01:10and having a lot of order in pipeline. And we are just hoping for best that our negotiator,

01:21those who are now sitting in Washington, they can show us some magic in the next few days

01:27or couple of weeks. U.S. is the single largest importing country of apparel from Bangladesh.

01:34So obviously you know it's not only the 8 billion dollar industry, they affect us in many ways.

01:41You know we have invested a lot of time, a lot of effort, a lot of workers development,

01:47factories development, compliance, so many other things you know. Historically it happened actually.

01:52We will be losing some business or we will not be able to grow how we supposed to grow.

01:58And at the same time we need to see how India, China and Pakistan is beneficial or not. And at the same

02:07time what other countries like African countries and other countries, how much they are imposing tariff to them.

02:13This trend continues and then if it goes up to 35 and then I think there's a calculation of 35 plus the previous 10

02:32because it's an addition, right? So you're looking at 45. No, I'll die. I'll finish off. My, my, you know,

02:39we own the oldest factory in Bangladesh. My father started this business back in 1977. So I think I'd have to

02:47put the nail in the coffin if I have to face 45 percent. We are going through multiple challenges.

02:53So if everything comes and kind of falls on us all at one time, I don't think we're going to be in a very good position at all.

03:01And it takes time. If every garment factory owner wanted to now shift to the European market or a newer market,

03:08that takes time. At least six months to a year we're thinking and that's not going to happen overnight.

03:14So of course factories will start shutting down.

03:38So nothing will do.

03:43So I'll Aberdeen is going on.

03:46So there we go.

03:48So I'm going to move.

03:50I'll move this to the beginning of this year.

03:52So you can see.

03:54So I'm going to move on.

03:55So I can see you.

03:57Now I can see you.

03:58I can see you.

04:00I can see you.

04:01This is not a big part.

04:03So I can see you.

04:04It's not a big part.

04:05But I can see you.

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