Wedoany.com Report on Feb 10th, The White House stated on Monday that the United States is moving to lower the so-called reciprocal tariffs imposed on goods from Bangladesh and will provide new exemptions for textiles.

US President Donald Trump will reduce the overall reciprocal tariff rate on Bangladesh to 19%, following a previous reduction from 37% to 20% last year. The agreement also includes a mechanism allowing specific textiles to receive full tariff exemptions, which will provide support to Bangladesh's apparel industry.

Bangladesh's interim leader Muhammad Yunus posted on social media that the mechanism will apply to "certain Bangladeshi textile and apparel products that use cotton and man-made fibers produced in the United States."

Under the agreement, Bangladesh will grant preferential access to US industrial and agricultural products (9.200, -0.19, -2.02%), including chemicals, medical equipment, auto parts, energy, and agricultural goods. Bangladesh has also committed to addressing certain non-tariff barriers that restrict US sales, which will include accepting vehicles compliant with US regulations and pharmaceuticals authorized by the US government.

Bangladesh has also agreed to measures regarding environmental, labor, and intellectual property protections.

The White House stated in a declaration: "This agreement will provide exporters from the United States and Bangladesh with unprecedented access to each other's markets."

The White House also said it expects the two countries to soon finalize a series of commercial agreements, including aircraft procurement, the purchase of $3.5 billion worth of US agricultural products, and the purchase of $15 billion worth of energy products over the next 15 years.