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[đ§đ©] Trump's Victory and Bangladesh
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Bangladesh Defense Forum
No. Not on my phone. Many days actually. Just was too busy to bother. And left typos. And typed out new messages since I could not edit old ones.
The ... At the bottom left of the post is simply inactive/unresponsive.
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PakistanProud
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Drop down work fine on my end. Try testing it again.
As for the edit button, that also looks okay. Do you have a screenshot of the problem?
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PakistanProud
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Does the edit button work fine as well?
Sharma Ji
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still feels a bit cluttered, the user interface, could use some trimming, this place.
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Saif
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With Trumpâs win, Bangladesh gets more investment queries from China
Chinese entrepreneurs are increasingly inquiring with Bangladeshi businesses over scope for factory relocations, joint ventures and fresh investments, apprehending that the new Trump administration might further hike tariffs on their exports to the US.
With Trumpâs win, Bangladesh gets more investment queries from China
Chinese entrepreneurs are increasingly inquiring with Bangladeshi businesses over scope for factory relocations, joint ventures and fresh investments, apprehending that the new Trump administration might further hike tariffs on their exports to the US.
The Chinese also seek to take advantage of the fact that a European Union (EU) directive on corporate sustainability due diligence, which was already in effect, would be applicable for Bangladesh after two years in 2026.
The directive aims to foster sustainable and responsible corporate behaviour in companies' operations and across their global value chains.
Environmental, sustainability, and workplace safety certifications of companies in Bangladesh are also a big draw.
The inquiries have mainly been coming up with the leather and leather goods, manmade fibre, yarn, textile, and garment sectors over the last few months.
Local business leaders and officials say Trump's first term in the Oval Office caused a similar wave of investment enquiries from Beijing. However, that didn't materialise eventually as Trump's tariff plan saw a bumpy rollout plus the Covid pandemic, roiling the global business landscape and supply chain metrics.
Around $1.03 billion was invested in Bangladesh from Chinese sources in FY18 and $626 million in FY19. But the inflow fell to just $91 million in FY20 during the height of the pandemic, according to Bangladesh Bank data.
There were signs of recovery afterwards as $408 million arrived from China in FY21, but that number declined to $187 million in FY22 and $260 million in FY23.
Currently, Bangladeshi exporters on average face a 15.62 percent duty on exports to the US, but it is still much lower than the 25 percent levied on Chinese goods.
Also, Bangladesh currently enjoys a duty-free facility on all its exports to China. This is advantageous as Chinese manufacturers in Bangladesh would be able to sell goods cheaply in China.
The tariffs on Chinese goods might be further hiked to up to 60 percent, making those uncompetitive in the US markets.
Prior to the US election on November 5, Donald Trump declared that if he were to get elected, he would increase the tariff on Chinese goods by up to 60 percent.
In his previous tenure, Trump increased the tariff on Chinese goods to 25 percent from nearly 3 percent with effect from January 2018.
Because of the higher tariff on Chinese goods, the shipment of garment items from other countries like Vietnam, Cambodia, and Bangladesh to the US started rising and the global share of China in garment trade also declined to a great extent.
For instance, the Chinese share in global garment trade is now at 31 percent while it was more than 36 percent five years ago.
On the other hand, Bangladesh's share in the global garment trade increased from 5 percent to nearly 8 percent over the last five years. Bangladesh has subsequently retained the second position in the global garment trade after China.
This is because Bangladesh currently has the highest number, or 230 to be exact, of garment factories having US Green Building Council's Leadership in Energy and Environmental Design certifications, signifying their compliance with environmental regulations.
These helped improve the reputation of the country and sector, said Khandoker Rafiqul Islam, the immediate past president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
Islam also said a lot of inquiries were coming from China and Taiwan over relocations and investment over many months as they were already feeling the pinch from the high tariff rate of 25 percent.
It is a good sign, but most of the investment that was coming in was on taking over ailing garment factories in Bangladesh, he said.
If Chinese investors take over ailing garment factories, it may not lead to a sudden increase in exports from the country as such changes take time, he added.
A local leather and leather goods exporter, requesting anonymity, said a few Chinese leather goods manufacturers have contacted him over the last few months, either seeking to undertake joint ventures or make fresh investments.
The Chinese exporters are facing high tariffs on products to the US markets, and they will face more difficulties in the near future once the Trump administration forms the US government in January next year, the exporter said.
However, the Chinese inflow of investment, either in the form of joint ventures or fresh investments, is subject to Bangladesh reaching political stability, he added.
Md Anwar Hossain, vice-chairman of the Export Promotion Bureau (EPB) and administrator of the BGMEA, also said a lot of inquiries were coming from Chinese investors, especially after Donald Trump won the US election.
Almost every day, Chinese investors are contacting him and inquiring about the relocation of factories, he also said.
Chinese investors are also interested in investing in Bangladesh as they will also have to face stringent conditions of the EU's due diligence directive, which will come into effect for Bangladesh at a later date, he said.
A senior officer of Bangladesh Investment Development Authority, requesting anonymity, said the official trend of Chinese inquiries centring investments was still the same as it was earlier.
But it is also true that the US foreign policy does not change a lot after a change of government, he said.
A clear picture of Chinese investment inflow to Bangladesh may only be available at least one month later as Trump is yet to take charge of the US government, he added.
Echoing similar views, Mohd Khorshed Alam, president of the Bangladesh China Chambers of Commerce and Industry (BCCCI), said it would take five to six months more to get the real picture of enquiries regarding Chinese factory relocation or investment due to Trump's win.
Currently, Chinese investments in Bangladesh are slow as they are closely monitoring the business and investment climate in the country, he added.
Chinese entrepreneurs are increasingly inquiring with Bangladeshi businesses over scope for factory relocations, joint ventures and fresh investments, apprehending that the new Trump administration might further hike tariffs on their exports to the US.
The Chinese also seek to take advantage of the fact that a European Union (EU) directive on corporate sustainability due diligence, which was already in effect, would be applicable for Bangladesh after two years in 2026.
The directive aims to foster sustainable and responsible corporate behaviour in companies' operations and across their global value chains.
Environmental, sustainability, and workplace safety certifications of companies in Bangladesh are also a big draw.
The inquiries have mainly been coming up with the leather and leather goods, manmade fibre, yarn, textile, and garment sectors over the last few months.
Local business leaders and officials say Trump's first term in the Oval Office caused a similar wave of investment enquiries from Beijing. However, that didn't materialise eventually as Trump's tariff plan saw a bumpy rollout plus the Covid pandemic, roiling the global business landscape and supply chain metrics.
Around $1.03 billion was invested in Bangladesh from Chinese sources in FY18 and $626 million in FY19. But the inflow fell to just $91 million in FY20 during the height of the pandemic, according to Bangladesh Bank data.
There were signs of recovery afterwards as $408 million arrived from China in FY21, but that number declined to $187 million in FY22 and $260 million in FY23.
Currently, Bangladeshi exporters on average face a 15.62 percent duty on exports to the US, but it is still much lower than the 25 percent levied on Chinese goods.
Also, Bangladesh currently enjoys a duty-free facility on all its exports to China. This is advantageous as Chinese manufacturers in Bangladesh would be able to sell goods cheaply in China.
The tariffs on Chinese goods might be further hiked to up to 60 percent, making those uncompetitive in the US markets.
Prior to the US election on November 5, Donald Trump declared that if he were to get elected, he would increase the tariff on Chinese goods by up to 60 percent.
In his previous tenure, Trump increased the tariff on Chinese goods to 25 percent from nearly 3 percent with effect from January 2018.
Because of the higher tariff on Chinese goods, the shipment of garment items from other countries like Vietnam, Cambodia, and Bangladesh to the US started rising and the global share of China in garment trade also declined to a great extent.
For instance, the Chinese share in global garment trade is now at 31 percent while it was more than 36 percent five years ago.
On the other hand, Bangladesh's share in the global garment trade increased from 5 percent to nearly 8 percent over the last five years. Bangladesh has subsequently retained the second position in the global garment trade after China.
This is because Bangladesh currently has the highest number, or 230 to be exact, of garment factories having US Green Building Council's Leadership in Energy and Environmental Design certifications, signifying their compliance with environmental regulations.
These helped improve the reputation of the country and sector, said Khandoker Rafiqul Islam, the immediate past president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
Islam also said a lot of inquiries were coming from China and Taiwan over relocations and investment over many months as they were already feeling the pinch from the high tariff rate of 25 percent.
It is a good sign, but most of the investment that was coming in was on taking over ailing garment factories in Bangladesh, he said.
If Chinese investors take over ailing garment factories, it may not lead to a sudden increase in exports from the country as such changes take time, he added.
A local leather and leather goods exporter, requesting anonymity, said a few Chinese leather goods manufacturers have contacted him over the last few months, either seeking to undertake joint ventures or make fresh investments.
The Chinese exporters are facing high tariffs on products to the US markets, and they will face more difficulties in the near future once the Trump administration forms the US government in January next year, the exporter said.
However, the Chinese inflow of investment, either in the form of joint ventures or fresh investments, is subject to Bangladesh reaching political stability, he added.
Md Anwar Hossain, vice-chairman of the Export Promotion Bureau (EPB) and administrator of the BGMEA, also said a lot of inquiries were coming from Chinese investors, especially after Donald Trump won the US election.
Almost every day, Chinese investors are contacting him and inquiring about the relocation of factories, he also said.
Chinese investors are also interested in investing in Bangladesh as they will also have to face stringent conditions of the EU's due diligence directive, which will come into effect for Bangladesh at a later date, he said.
A senior officer of Bangladesh Investment Development Authority, requesting anonymity, said the official trend of Chinese inquiries centring investments was still the same as it was earlier.
But it is also true that the US foreign policy does not change a lot after a change of government, he said.
A clear picture of Chinese investment inflow to Bangladesh may only be available at least one month later as Trump is yet to take charge of the US government, he added.
Echoing similar views, Mohd Khorshed Alam, president of the Bangladesh China Chambers of Commerce and Industry (BCCCI), said it would take five to six months more to get the real picture of enquiries regarding Chinese factory relocation or investment due to Trump's win.
Currently, Chinese investments in Bangladesh are slow as they are closely monitoring the business and investment climate in the country, he added.
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Saif
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Trumpâs victory: Is Bangladesh awaiting a boost in apparel exports?
There are still two months before Donal Trumpâs scheduled assumption in the office, but some of the US buyers are already communicating about placing more orders.
en.prothomalo.com
Trumpâs victory: Is Bangladesh awaiting a boost in apparel exports?
Shuvonkar Karmokar
Dhaka
Updated: 16 Nov 2024, 13: 01
The victory of Donald Trump in the US presidential election has ushered a ray of hope for increased demand for Bangladeshi apparel products in the US market.
During his campaign, the US president-elect announced plans to raise import tariffs on Chinese products. If implemented, the move is expected to shift purchase orders away from China, and Bangladesh may receive a share of the redirected orders, said local entrepreneurs.
During Donald Trumpâs first term as the US president, Bangladesh experienced a similar benefit as the China-US trade war led to additional purchase orders for Bangladeshi products and subsequent boost in national exports.
Some apparel exporters said there are still two months before Donald Trumpâs scheduled assumption in the office, but some of the US buyers are already communicating about placing more orders, leaving a little room for discussion on potential tariff hike on Chinese imports.
The manufacturers are considering it as a sign of new opportunities as well as business. They, however, fear that it will be too tough to expand their business unless the prevailing woes, including energy crisis and banking complications, are solved.
In the first term of Donald Trump, a trade war began between the US and China in 2018, and it started to move away a significant share of US purchase orders from China in 2019. Bangladesh captured a portion of the redirected purchase orders.
In 2019, apparel exports from Bangladesh to the US rose to $5.93 billion, the highest in seven years. In 2022, the figure peaked at $9.72 billion, despite disruptions inflicted by the Covid-19 pandemic. However, it declined in 2023, due to the Russia-Ukraine war.
According to the office of textiles and apparel (OTEXA) under the US department of commerce, apparel exports from China to the US market declined by $11.06 billion over five years from 2018. In the same period, Bangladesh's exports went up by $1.89 billion, while Vietnamâs exports increased by $1.96 billion.
Tariff is likely to be the common tool for Donald Trump to reduce imports from China. During the election campaign, he repeatedly announced his plan to impose a 10â20 per cent tariff on overall US imports, and it will climb to 60 to 100 per cent for Chinese products.
At an Economic Club event in Chicago last month, Trump said, âTo me, the most beautiful word in the dictionary is tariff. It's my favorite word.â His policy encourages US domestic manufacturing.
Expectations
SM Sourcing, a garment factory in Gazipur recognised for its eco-friendly facilities, derives 25 per cent of its exports from the US market.
Its owner, Mirza Shams Mahmud, told Prothom Alo, âWe are expecting something good in the US market. We have received a forecast for good business from the US buyers. Some buyers are even showing flexibility while fixing prices of garments.â
There are around a thousand buying houses that act as intermediaries between foreign brands and local factories. A significant portion of exports are carried out through buying houses.
Kyaw Sein Thay Dolly, director of the Bangladesh garment buying house association (BGBA), said US buyers and brands took Trumpâs tariff plans seriously, while Chinese exporters already started searching for new markets.
In fact, all are making backup plans. Hence, there have been growing queries in Bangladesh factories. India is also preparing to capture the purchase orders, he added.
Apparel exports to the US market started to rebound in the last few months, overcoming backlash of the Covid-19 pandemic. But Bangladesh lags behind its competitors like Vietnam, Cambodia, Pakistan, and India in terms of growth in apparel exports to the US.
While talking to Prothom Alo, Fazlul Hoque, a former president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said there are grounds to be optimistic about the US market following the victory of Trump.
Trump is appointing individuals with anti-China stances to key positions in his administration. If tariffs are hiked eventually, the purchase orders will be redirected from China. Vietnam already has higher orders than its capacity, and it has no scope for expansion. On the flip side, Bangladeshi factories are running below their production capacity. To grab the opportunity, the supply of gas and power should be increased, in addition to more cooperation from the banks, he explained.
Expert insight
Khondaker Golam Moazzem, research director of the Centre for Policy Dialogue (CPD), said the current US president, Joe Biden, did not move away from his previous administration's China policy. He maintained the tariffs imposed on Chinese products before 2020.
During his election campaign, Donald Trump declared to impose new tariff on Chinese products. He actually wants to strengthen US domestic industries. Hence, the US will increase tariffs on products that they intend to increase domestic production, he said, adding it is less likely for the garments business to receive more business.
Khondaker Golam Moazzem also explained that the investors in China already received a message from the victory of Trump, and some of them will now shift to other places.
âWe are struggling to ensure proper structural facilities for the current investors. Against such a backdrop, it will be tough to grab the opportunity if infrastructural issues, labour dissatisfaction, and political tension are not addressed,â he added.
*This report appeared on the print and online versions of Prothom Alo and has been rewritten in English by Misbahul Haque
Shuvonkar Karmokar
Dhaka
Updated: 16 Nov 2024, 13: 01
The victory of Donald Trump in the US presidential election has ushered a ray of hope for increased demand for Bangladeshi apparel products in the US market.
During his campaign, the US president-elect announced plans to raise import tariffs on Chinese products. If implemented, the move is expected to shift purchase orders away from China, and Bangladesh may receive a share of the redirected orders, said local entrepreneurs.
During Donald Trumpâs first term as the US president, Bangladesh experienced a similar benefit as the China-US trade war led to additional purchase orders for Bangladeshi products and subsequent boost in national exports.
Some apparel exporters said there are still two months before Donald Trumpâs scheduled assumption in the office, but some of the US buyers are already communicating about placing more orders, leaving a little room for discussion on potential tariff hike on Chinese imports.
The manufacturers are considering it as a sign of new opportunities as well as business. They, however, fear that it will be too tough to expand their business unless the prevailing woes, including energy crisis and banking complications, are solved.
In the first term of Donald Trump, a trade war began between the US and China in 2018, and it started to move away a significant share of US purchase orders from China in 2019. Bangladesh captured a portion of the redirected purchase orders.
In 2019, apparel exports from Bangladesh to the US rose to $5.93 billion, the highest in seven years. In 2022, the figure peaked at $9.72 billion, despite disruptions inflicted by the Covid-19 pandemic. However, it declined in 2023, due to the Russia-Ukraine war.
According to the office of textiles and apparel (OTEXA) under the US department of commerce, apparel exports from China to the US market declined by $11.06 billion over five years from 2018. In the same period, Bangladesh's exports went up by $1.89 billion, while Vietnamâs exports increased by $1.96 billion.
Tariff is likely to be the common tool for Donald Trump to reduce imports from China. During the election campaign, he repeatedly announced his plan to impose a 10â20 per cent tariff on overall US imports, and it will climb to 60 to 100 per cent for Chinese products.
At an Economic Club event in Chicago last month, Trump said, âTo me, the most beautiful word in the dictionary is tariff. It's my favorite word.â His policy encourages US domestic manufacturing.
Expectations
SM Sourcing, a garment factory in Gazipur recognised for its eco-friendly facilities, derives 25 per cent of its exports from the US market.
Its owner, Mirza Shams Mahmud, told Prothom Alo, âWe are expecting something good in the US market. We have received a forecast for good business from the US buyers. Some buyers are even showing flexibility while fixing prices of garments.â
There are around a thousand buying houses that act as intermediaries between foreign brands and local factories. A significant portion of exports are carried out through buying houses.
Kyaw Sein Thay Dolly, director of the Bangladesh garment buying house association (BGBA), said US buyers and brands took Trumpâs tariff plans seriously, while Chinese exporters already started searching for new markets.
In fact, all are making backup plans. Hence, there have been growing queries in Bangladesh factories. India is also preparing to capture the purchase orders, he added.
Apparel exports to the US market started to rebound in the last few months, overcoming backlash of the Covid-19 pandemic. But Bangladesh lags behind its competitors like Vietnam, Cambodia, Pakistan, and India in terms of growth in apparel exports to the US.
While talking to Prothom Alo, Fazlul Hoque, a former president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said there are grounds to be optimistic about the US market following the victory of Trump.
Trump is appointing individuals with anti-China stances to key positions in his administration. If tariffs are hiked eventually, the purchase orders will be redirected from China. Vietnam already has higher orders than its capacity, and it has no scope for expansion. On the flip side, Bangladeshi factories are running below their production capacity. To grab the opportunity, the supply of gas and power should be increased, in addition to more cooperation from the banks, he explained.
Expert insight
Khondaker Golam Moazzem, research director of the Centre for Policy Dialogue (CPD), said the current US president, Joe Biden, did not move away from his previous administration's China policy. He maintained the tariffs imposed on Chinese products before 2020.
During his election campaign, Donald Trump declared to impose new tariff on Chinese products. He actually wants to strengthen US domestic industries. Hence, the US will increase tariffs on products that they intend to increase domestic production, he said, adding it is less likely for the garments business to receive more business.
Khondaker Golam Moazzem also explained that the investors in China already received a message from the victory of Trump, and some of them will now shift to other places.
âWe are struggling to ensure proper structural facilities for the current investors. Against such a backdrop, it will be tough to grab the opportunity if infrastructural issues, labour dissatisfaction, and political tension are not addressed,â he added.
*This report appeared on the print and online versions of Prothom Alo and has been rewritten in English by Misbahul Haque
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Saif
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Prof Yunus confident of finding common ground with Trump
Chief Adviser Prof Muhammad Yunus is "confident" that he can find "common ground" with President-elect Donald Trump despite their divergent worldviews, reports TIME Magazine
Prof Yunus confident of finding common ground with Trump
Muhammad Yunus, left, and Donald Trump
Chief Adviser Prof Muhammad Yunus is "confident" that he can find "common ground" with President-elect Donald Trump despite their divergent worldviews, reports TIME Magazine.
"Trump is a businessman; we are in business," TIME quoted Prof Yunus as saying.
"We are not asking for free money to help us out of some crisis; we want a business partner," he said.
Reassuring global firms that Bangladesh remains open for business with a top priority, he said still the glacial pace of reform means doubts fester, according to the TIME.
On October 31, Trump posted on X to condemn the "barbaric violence against Hindus, Christians, and other minorities who are getting attacked and looted by mobs in Bangladesh, which remains in a total state of chaos."
Compounding matters, Prof Yunus has his own baggage with Trump, owing to his close friendship with Hillary Clinton, publicly lamenting her 2016 election defeat: "Trump's win has hit us so hard that this morning I could hardly speak. I lost all strength."
As protesters encircled her official residence in Dhaka, former PM Sheikh Hasina fled in a military helicopter to India, where she and her cabal of key advisers continued to rail against her ouster.
Prof Yunus revealed that he would be seeking Hasina's extradition after prosecutors issued a warrant for her part in the violence, though few believe Indian Prime Minister Narendra Modi would comply.
"Not only is she being hosted by India, the worst part is that she's talking, which causes a lot of problems for us. It makes people very unhappy to hear that voice. So, this is something that we have to resolve," Yunus said.
Prof Yunus tells TIME that the young minds are full of ideas and ambitions and aspirations. "They depicted their future in those murals, and it's something much greater than Bangladesh has ever seen."
Muhammad Yunus, left, and Donald Trump
Chief Adviser Prof Muhammad Yunus is "confident" that he can find "common ground" with President-elect Donald Trump despite their divergent worldviews, reports TIME Magazine.
"Trump is a businessman; we are in business," TIME quoted Prof Yunus as saying.
"We are not asking for free money to help us out of some crisis; we want a business partner," he said.
Reassuring global firms that Bangladesh remains open for business with a top priority, he said still the glacial pace of reform means doubts fester, according to the TIME.
On October 31, Trump posted on X to condemn the "barbaric violence against Hindus, Christians, and other minorities who are getting attacked and looted by mobs in Bangladesh, which remains in a total state of chaos."
Compounding matters, Prof Yunus has his own baggage with Trump, owing to his close friendship with Hillary Clinton, publicly lamenting her 2016 election defeat: "Trump's win has hit us so hard that this morning I could hardly speak. I lost all strength."
As protesters encircled her official residence in Dhaka, former PM Sheikh Hasina fled in a military helicopter to India, where she and her cabal of key advisers continued to rail against her ouster.
Prof Yunus revealed that he would be seeking Hasina's extradition after prosecutors issued a warrant for her part in the violence, though few believe Indian Prime Minister Narendra Modi would comply.
"Not only is she being hosted by India, the worst part is that she's talking, which causes a lot of problems for us. It makes people very unhappy to hear that voice. So, this is something that we have to resolve," Yunus said.
Prof Yunus tells TIME that the young minds are full of ideas and ambitions and aspirations. "They depicted their future in those murals, and it's something much greater than Bangladesh has ever seen."
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Saif
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How Trump's economic policies will impact South Asia
Bangladesh will encounter various challenges and opportunities during Trump's second term.
How Trump's economic policies will impact South Asia
Trump 2.0 administration would likely focus on economic nationalism, prioritising US interests with potential tax cuts for individuals and corporations to spur growth. FILE PHOTO: REUTERS
As Donald Trump prepares to be inaugurated as the 47th president of the United States on January 20, marking the start of his second term, this occasion highlights essential democratic traditions and carries significant implications for his economic policies that will resonate globally. Joseph Liow Chin Yong, dean of the College of Humanities, Arts, and Social Sciences at Nanyang Technological University (NTU) in Singapore, told the Time magazine after the election that Trump would be "more prepared" in 2025. His anticipated economic policies, driven by an "America First" agenda, are set to transform not only the financial landscape in the US, but also that across South Asia, a region home to nearly two billion people and with vast opportunities and substantial challenges.
Trump, branding himself as a "tariff man," centres his economic platform on trade levies. A Trump 2.0 administration would likely focus on economic nationalism, prioritising US interests with potential tax cuts for individuals and corporations to spur growth, possibly making parts of the Tax Cuts and Jobs Act of 2017 permanent. He intends to reduce regulations in energy, finance, and healthcare to lower compliance costs and boost economic activity. Maintaining a protectionist trade approach, he aims to renegotiate agreements, impose tariffs on importsâespecially from Chinaâand foster domestic manufacturing. In his 2024 campaign, he proposed at least 60 percent tariffs on Chinese imports and 10-20 percent on global imports. He has threatened tariffs on companies like John Deere for considering offshoring, and could levy 100 percent tariffs on the BRICS nations if they create a trade currency. Further tariff threats are expected as Trump views them as vital to diplomatic leverage. Advisers' proposals may enable the president to impose "reciprocal tariffs" matching those of other nations.
Infrastructure spending may be prioritised, with plans for significant investment in transportation, energy, and technology to create jobs. Policies aimed at energy independence would support fossil fuel production and relax environmental regulations. Economic initiatives could align with immigration reform, limiting immigration to safeguard jobs while seeking skilled labour for growth. Trump may advocate for domestic manufacturing through subsidies or tax breaks, and assist small businesses by enhancing access to capital and easing regulatory burdens. Additionally, he may pursue healthcare reforms to reduce costs and boost competition, including efforts to repeal the Affordable Care Act. Overall, these strategies would prioritise national security by protecting US industries and jobs from foreign competition.
How Trumponomics 2.0 could impact South Asia
Washington's South Asia policy will align with its Indo-Pacific vision initially established during Trump 1.0. His foreign policy could significantly influence the region's security and economy, with India playing a key role due to its contributions to the Indo-Pacific. A second Trump presidency might reshape the current dynamics of South Asian geopolitics and economics. Trump opposes rerouting US-China trade through third countries, with Oxford Economics predicting that his tariffs could decrease US imports by three percent and exports by eight percent, impacting "non-China Asia." The ongoing US-China trade tensions could drive a restructuring of global supply chains, potentially shifting 20 percent of manufacturing away from China by 2025. During the previous administration, countries like Malaysia, Vietnam, and Thailand benefited from the trade war as factories relocated there to establish new supply chains. However, the competition for low-cost manufacturing remains fierce, particularly with Vietnam attracting foreign direct investment (FDI) at a much higher rateâ$36.6 billion in 2023âcompared to Bangladesh ($3 billion). India has a robust infrastructure to appeal to export-oriented manufacturers, but regional trade partnerships face challenges.
An "America First" agenda under the Trump administration could impose tariffs detrimental to export-reliant economies like Bangladesh and India. A five percent tariff increase on Bangladeshi exports, valued at $9.74 billion (2022), could result in a $487 million annual loss. Additionally, tighter immigration policies may reduce remittancesâa crucial income source for South Asia. In 2023, Bangladesh received $2.6 billion in remittances from the US, making up 15 percent of its total inflows.
Trump aims to implement strict measures on immigration, including ending the Deferred Action for Childhood Arrivals (DACA) programme and the Public Charge Policy. This could strip protective status from over half a million DACA recipients and amplify fears among immigrant families about accessing essential services like healthcare. Stricter immigration policies may also reduce the flow of skilled labour and remittances, affecting various South Asian countries. Additionally, educational exchanges might suffer, as over 200,000 South Asian students currently studying in the US could choose more welcoming countries like those in Europe, Canada or Australia. Lastly, India's rising influence in the QUAD bolsters its strategic role but may marginalise smaller economies that overlook regional cooperation through bodies like SAARC or ASEAN.
Challenges and opportunities for Bangladesh
Bangladesh will encounter various challenges and opportunities during Trump's second term. The ready-made garment (RMG) sector, which comprised 84.7 percent of total merchandise exports in FY23 (ERD, 2024), offers low added value compared to the overall product value. To ascend the global value chain, Bangladesh must focus on creating more sophisticated products and enhancing backward and forward linkages. Although product diversification has occurred, areas such as design, branding, sales, and after-sales services remain largely unaddressed. Strengthening backward linkages is crucial for increasing domestic value addition. Moreover, diversifying the export base is essential to mitigate vulnerabilities associated with tariff hikes. Promising sectors like ICT, pharmaceuticals and agro-processing, which showed significant growth in 2023, offer viable alternatives to reduce economic risks.
Other serious needs include infrastructure development, in which Bangladesh is ranked 88th out of 139 countries regarding logistics performance (2023), far from Vietnam's 43rd and India's 38th positions. In the current realignment of global supply chains, how Bangladesh will be able to attract FDI to its industrial zones is a challenge that needs consideration, along with the rationalisation of regulations. Migration and remittances remain critical, with $2.6 billion received from the US in 2023; exploring partnerships with countries like Canada, the UK, and Australia that have friendlier immigration policies could bring relief.
It is also important that in the education sector, much effort should be invested in strengthening local institutions and building international academic collaborations as a hedge against the risk of more stringent visa policies by the US, given that over 9,000 Bangladeshi students pursue higher education there every year. Finally, when India is increasingly strengthening its role within QUAD, Bangladesh will have to go further in regional cooperation through SAARC and ASEAN, forging partnerships with other countries like Vietnam and Indonesia for its protection of economic and strategic interests.
For South Asia and Bangladesh to navigate the challenges posed by Trump's policy agenda, proactive measures are essential. The region must lead efforts to foster cooperation in response to shifting global dynamics, while Bangladesh should focus on diversifying exports, attracting foreign investment, and improving infrastructure. Innovative strategies are necessary to promote a fair migration agenda, ensuring equitable benefits from labour migration for countries of origin and destination, employers, and all workersâboth nationals and migrants. Strengthening ties with new destination countries and enhancing domestic educational opportunities are vital steps to mitigate risks and leverage emerging opportunities for sustainable growth in an evolving world.
Dr Md Abdul Latif, a global ambassador and ADB-JSP scholar, is additional director at the Bangladesh Institute of Governance and Management (BIGM).
Shirin Sultana is research associate at the Bangladesh Institute of Governance and Management (BIGM).
Trump 2.0 administration would likely focus on economic nationalism, prioritising US interests with potential tax cuts for individuals and corporations to spur growth. FILE PHOTO: REUTERS
As Donald Trump prepares to be inaugurated as the 47th president of the United States on January 20, marking the start of his second term, this occasion highlights essential democratic traditions and carries significant implications for his economic policies that will resonate globally. Joseph Liow Chin Yong, dean of the College of Humanities, Arts, and Social Sciences at Nanyang Technological University (NTU) in Singapore, told the Time magazine after the election that Trump would be "more prepared" in 2025. His anticipated economic policies, driven by an "America First" agenda, are set to transform not only the financial landscape in the US, but also that across South Asia, a region home to nearly two billion people and with vast opportunities and substantial challenges.
Trump, branding himself as a "tariff man," centres his economic platform on trade levies. A Trump 2.0 administration would likely focus on economic nationalism, prioritising US interests with potential tax cuts for individuals and corporations to spur growth, possibly making parts of the Tax Cuts and Jobs Act of 2017 permanent. He intends to reduce regulations in energy, finance, and healthcare to lower compliance costs and boost economic activity. Maintaining a protectionist trade approach, he aims to renegotiate agreements, impose tariffs on importsâespecially from Chinaâand foster domestic manufacturing. In his 2024 campaign, he proposed at least 60 percent tariffs on Chinese imports and 10-20 percent on global imports. He has threatened tariffs on companies like John Deere for considering offshoring, and could levy 100 percent tariffs on the BRICS nations if they create a trade currency. Further tariff threats are expected as Trump views them as vital to diplomatic leverage. Advisers' proposals may enable the president to impose "reciprocal tariffs" matching those of other nations.
Infrastructure spending may be prioritised, with plans for significant investment in transportation, energy, and technology to create jobs. Policies aimed at energy independence would support fossil fuel production and relax environmental regulations. Economic initiatives could align with immigration reform, limiting immigration to safeguard jobs while seeking skilled labour for growth. Trump may advocate for domestic manufacturing through subsidies or tax breaks, and assist small businesses by enhancing access to capital and easing regulatory burdens. Additionally, he may pursue healthcare reforms to reduce costs and boost competition, including efforts to repeal the Affordable Care Act. Overall, these strategies would prioritise national security by protecting US industries and jobs from foreign competition.
How Trumponomics 2.0 could impact South Asia
Washington's South Asia policy will align with its Indo-Pacific vision initially established during Trump 1.0. His foreign policy could significantly influence the region's security and economy, with India playing a key role due to its contributions to the Indo-Pacific. A second Trump presidency might reshape the current dynamics of South Asian geopolitics and economics. Trump opposes rerouting US-China trade through third countries, with Oxford Economics predicting that his tariffs could decrease US imports by three percent and exports by eight percent, impacting "non-China Asia." The ongoing US-China trade tensions could drive a restructuring of global supply chains, potentially shifting 20 percent of manufacturing away from China by 2025. During the previous administration, countries like Malaysia, Vietnam, and Thailand benefited from the trade war as factories relocated there to establish new supply chains. However, the competition for low-cost manufacturing remains fierce, particularly with Vietnam attracting foreign direct investment (FDI) at a much higher rateâ$36.6 billion in 2023âcompared to Bangladesh ($3 billion). India has a robust infrastructure to appeal to export-oriented manufacturers, but regional trade partnerships face challenges.
An "America First" agenda under the Trump administration could impose tariffs detrimental to export-reliant economies like Bangladesh and India. A five percent tariff increase on Bangladeshi exports, valued at $9.74 billion (2022), could result in a $487 million annual loss. Additionally, tighter immigration policies may reduce remittancesâa crucial income source for South Asia. In 2023, Bangladesh received $2.6 billion in remittances from the US, making up 15 percent of its total inflows.
Trump aims to implement strict measures on immigration, including ending the Deferred Action for Childhood Arrivals (DACA) programme and the Public Charge Policy. This could strip protective status from over half a million DACA recipients and amplify fears among immigrant families about accessing essential services like healthcare. Stricter immigration policies may also reduce the flow of skilled labour and remittances, affecting various South Asian countries. Additionally, educational exchanges might suffer, as over 200,000 South Asian students currently studying in the US could choose more welcoming countries like those in Europe, Canada or Australia. Lastly, India's rising influence in the QUAD bolsters its strategic role but may marginalise smaller economies that overlook regional cooperation through bodies like SAARC or ASEAN.
Challenges and opportunities for Bangladesh
Bangladesh will encounter various challenges and opportunities during Trump's second term. The ready-made garment (RMG) sector, which comprised 84.7 percent of total merchandise exports in FY23 (ERD, 2024), offers low added value compared to the overall product value. To ascend the global value chain, Bangladesh must focus on creating more sophisticated products and enhancing backward and forward linkages. Although product diversification has occurred, areas such as design, branding, sales, and after-sales services remain largely unaddressed. Strengthening backward linkages is crucial for increasing domestic value addition. Moreover, diversifying the export base is essential to mitigate vulnerabilities associated with tariff hikes. Promising sectors like ICT, pharmaceuticals and agro-processing, which showed significant growth in 2023, offer viable alternatives to reduce economic risks.
Other serious needs include infrastructure development, in which Bangladesh is ranked 88th out of 139 countries regarding logistics performance (2023), far from Vietnam's 43rd and India's 38th positions. In the current realignment of global supply chains, how Bangladesh will be able to attract FDI to its industrial zones is a challenge that needs consideration, along with the rationalisation of regulations. Migration and remittances remain critical, with $2.6 billion received from the US in 2023; exploring partnerships with countries like Canada, the UK, and Australia that have friendlier immigration policies could bring relief.
It is also important that in the education sector, much effort should be invested in strengthening local institutions and building international academic collaborations as a hedge against the risk of more stringent visa policies by the US, given that over 9,000 Bangladeshi students pursue higher education there every year. Finally, when India is increasingly strengthening its role within QUAD, Bangladesh will have to go further in regional cooperation through SAARC and ASEAN, forging partnerships with other countries like Vietnam and Indonesia for its protection of economic and strategic interests.
For South Asia and Bangladesh to navigate the challenges posed by Trump's policy agenda, proactive measures are essential. The region must lead efforts to foster cooperation in response to shifting global dynamics, while Bangladesh should focus on diversifying exports, attracting foreign investment, and improving infrastructure. Innovative strategies are necessary to promote a fair migration agenda, ensuring equitable benefits from labour migration for countries of origin and destination, employers, and all workersâboth nationals and migrants. Strengthening ties with new destination countries and enhancing domestic educational opportunities are vital steps to mitigate risks and leverage emerging opportunities for sustainable growth in an evolving world.
Dr Md Abdul Latif, a global ambassador and ADB-JSP scholar, is additional director at the Bangladesh Institute of Governance and Management (BIGM).
Shirin Sultana is research associate at the Bangladesh Institute of Governance and Management (BIGM).
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View from the US: Donald Trumpâs election
In anticipation of the election, a growing portion of Bangladeshis reported dissatisfaction with the Democratic Party.
View from the US: Donald Trumpâs election
Donald Trump at his victory rally in West Palm Beach, Florida, US, November 6, 2024. FILE PHOTO: REUTERS
As we approach the January 20 inauguration of Donald Trump for his second term as the US president, Bangladeshis are reflecting on the US presidential election's outcome and examining the changes in the diaspora's politics. In the run-up to the election, a growing number of Bangladeshis reported dissatisfaction with the Democratic Party. Now that the election has concluded, it appears that murmurs of a rightward shift towards Donald Trump in the diaspora were rooted in reality.
Many areas with large Bangladeshi populations saw a jump in the popularity of Donald Trump and a decrease in votes for the Democratic Party compared to support for previous liberal presidential candidates. In Michigan's Hamtramck, a majority-Muslim town where Bangladeshis make up the largest portion of the population, net support for Trump saw a shift of 29 percentage points, even though Kamala Harris carried the majority of votes. Reasons for the shift are numerous, encompassing the varied issues Bangladeshis expressed concern about in the weeks leading up to the election, including the economy and the Gaza war.
ASM Kamal Rahman, a Democrat and Bangladeshi-American community activist in Hamtramck, broke with his party and voted for Trump because of taxes and economic issues. He told Voice of America, "I think everybody that lives here, they look at the issues that affect them here: the economy, the education system affecting the families." Mohammad Alauddin, a Bangladeshi immigrant in Hamtramck who voted for Trump in this election, after having previously voted for Biden, considered the Democratic response to the Gaza war to be the impetus for his decision.
These common concerns also played a role in New York City, where the Democratic margins have significantly fallen compared to previous years. Nearly half of Bangladeshi-Americans live in New York, a majority of whom live in the NY-14 district, which is represented by noted progressive politician Alexandria Ocasio-Cortez. Though Harris won the NY-14 district, the 2024 election saw a 22-point shift in the margins between Democrats and Republicans compared to 2020, while Ocasio-Cortez saw only a six-point reduction in her net margin.
These reports signal a sharp shift in the Bangladeshi demographic's voting, as they have traditionally prioritised liberal politics, with 91 percent voting for Joe Biden in 2020, according to the National Asian American Survey. It remains to be seen if this increased support for Trump among Bangladeshi-Americans will translate into benefits. While democracy is often discussed in terms of individuals and groups voting for their own interests, it is unclear if Trump's presidency will benefit, rather than negatively impact, Bangladeshis.
Trump, known for his erratic rhetoric towards immigrants, has promised mass deportations, which could prove threatening to the safety of the predominantly Muslim Bangladeshi-American population, or at the very least, will cause disruptions in their communities as the promised mass deportation begins "on Day 1."
Furthermore, the impact of his economic policies on Bangladeshi-Americans is not yet clear. Trump has promised to make housing more affordable, help the middle-class group, and decrease prices, but it is uncertain whether this can be achieved. One of his key economic policies is the raising of tariffs, which could affect global trade dynamics and Bangladesh-US trade.
Further complicating his potential Bangladesh policy, Trump has a warm personal relationship with Indian Prime Minister Narendra Modi, and in a Diwali message on November 1 on the social media platform X, he condemned what he referred to as "the barbaric violence against Hindus, Christians, and other minorities who are getting attacked and looted by mobs in Bangladesh, which remains in a total state of chaos," alluding to an untrue narrative of Hindu persecution. This could lead to a negative impact on Bangladesh-US relations at a crucial juncture in Bangladeshi politics.
Due to these dynamics, when Donald Trump takes office on January 20, Bangladeshis will have to reckon with what the Trump presidency will mean in the United States and at home.
Sophia Ahmed is a Bangladesh-American student journalist living in New York.
Donald Trump at his victory rally in West Palm Beach, Florida, US, November 6, 2024. FILE PHOTO: REUTERS
As we approach the January 20 inauguration of Donald Trump for his second term as the US president, Bangladeshis are reflecting on the US presidential election's outcome and examining the changes in the diaspora's politics. In the run-up to the election, a growing number of Bangladeshis reported dissatisfaction with the Democratic Party. Now that the election has concluded, it appears that murmurs of a rightward shift towards Donald Trump in the diaspora were rooted in reality.
Many areas with large Bangladeshi populations saw a jump in the popularity of Donald Trump and a decrease in votes for the Democratic Party compared to support for previous liberal presidential candidates. In Michigan's Hamtramck, a majority-Muslim town where Bangladeshis make up the largest portion of the population, net support for Trump saw a shift of 29 percentage points, even though Kamala Harris carried the majority of votes. Reasons for the shift are numerous, encompassing the varied issues Bangladeshis expressed concern about in the weeks leading up to the election, including the economy and the Gaza war.
ASM Kamal Rahman, a Democrat and Bangladeshi-American community activist in Hamtramck, broke with his party and voted for Trump because of taxes and economic issues. He told Voice of America, "I think everybody that lives here, they look at the issues that affect them here: the economy, the education system affecting the families." Mohammad Alauddin, a Bangladeshi immigrant in Hamtramck who voted for Trump in this election, after having previously voted for Biden, considered the Democratic response to the Gaza war to be the impetus for his decision.
These common concerns also played a role in New York City, where the Democratic margins have significantly fallen compared to previous years. Nearly half of Bangladeshi-Americans live in New York, a majority of whom live in the NY-14 district, which is represented by noted progressive politician Alexandria Ocasio-Cortez. Though Harris won the NY-14 district, the 2024 election saw a 22-point shift in the margins between Democrats and Republicans compared to 2020, while Ocasio-Cortez saw only a six-point reduction in her net margin.
These reports signal a sharp shift in the Bangladeshi demographic's voting, as they have traditionally prioritised liberal politics, with 91 percent voting for Joe Biden in 2020, according to the National Asian American Survey. It remains to be seen if this increased support for Trump among Bangladeshi-Americans will translate into benefits. While democracy is often discussed in terms of individuals and groups voting for their own interests, it is unclear if Trump's presidency will benefit, rather than negatively impact, Bangladeshis.
Trump, known for his erratic rhetoric towards immigrants, has promised mass deportations, which could prove threatening to the safety of the predominantly Muslim Bangladeshi-American population, or at the very least, will cause disruptions in their communities as the promised mass deportation begins "on Day 1."
Furthermore, the impact of his economic policies on Bangladeshi-Americans is not yet clear. Trump has promised to make housing more affordable, help the middle-class group, and decrease prices, but it is uncertain whether this can be achieved. One of his key economic policies is the raising of tariffs, which could affect global trade dynamics and Bangladesh-US trade.
Further complicating his potential Bangladesh policy, Trump has a warm personal relationship with Indian Prime Minister Narendra Modi, and in a Diwali message on November 1 on the social media platform X, he condemned what he referred to as "the barbaric violence against Hindus, Christians, and other minorities who are getting attacked and looted by mobs in Bangladesh, which remains in a total state of chaos," alluding to an untrue narrative of Hindu persecution. This could lead to a negative impact on Bangladesh-US relations at a crucial juncture in Bangladeshi politics.
Due to these dynamics, when Donald Trump takes office on January 20, Bangladeshis will have to reckon with what the Trump presidency will mean in the United States and at home.
Sophia Ahmed is a Bangladesh-American student journalist living in New York.
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Saif
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Bangladesh sees window of opportunity in Trumpâs trade war
US President-elect Donald Trumpâs trade policies towards China and Mexico could ultimately benefit Bangladesh, according to local apparel exporters.
Bangladesh sees window of opportunity in Trumpâs trade war
US President-elect Donald Trump's trade policies towards China and Mexico could ultimately benefit Bangladesh, according to local apparel exporters.
In recent months, Bangladesh's garment exports to the US market have been improving gradually as more American clothing retailers and brands arrive with increased work orders, mainly shifted from China, they said.
The exporters said that punishing tariffs as high as 60 percent on Chinese goods will drive more international clothing retailers and brands to Bangladesh in the future.
Bangladesh is already a preferred destination for American buyers because of competitive prices, its capability to churn out huge export volumes, and improved workplace safety at local factories.
For these reasons, they said Bangladesh has performed strongly in US markets over the years, even with a 15.62 percent duty to the US market.
The US government allows zero-duty benefits on imports of 97 percent of products from the least developed countries (LDCs).
The US government has not included garment items in the 97 percent package, and local garment exporters have urged the government multiple times to negotiate with the US to reduce tariffs on Bangladeshi goods.
AK Azad, chairman and managing director of Ha-Meem Group, who exports the majority of his garment products to the USA, said, "The imposition of high tariffs on China and Mexico will create an opportunity for Bangladesh. A lot of apparel work orders are expected to be shifted from China and Mexico to Bangladesh, India, and Pakistan."
He added that some US-based retailers and brands that shifted work orders away from Bangladesh because of the political crisis and labour unrest last year "are now coming back with increased work orders".
FIRST, BANGLADESH SHOULD GET READY
Azad said Bangladesh should first "do some homework" so that the opportunity can be utilised.
For instance, adequate supplies of utilities such as gas and power need to be ensured for industrial units to run at full production, he added, noting that gas prices are already high for industrial use.
MA Jabbar, managing director of DBL Group, echoed Azad's views.
"The buyers are preferring Bangladesh now as Trump in his speeches said he would impose a high tariff on Chinese and Mexican goods," he said.
In recent years, some basic garment orders were shifted to Mexico but are now returning to Bangladesh, he said, calling for adequate energy supplies to industrial units to enable them to run at full capacity.
The law and order situation should be improved, and investment in man-made fibre, garment, and backward linkage industries needs to be developed soon to capture more of the American market, he said.
Faruque Hassan, former president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said, "So far, Trump's speeches have indicated that he will impose a higher tariff on goods from China and Mexico, which may open a new window of opportunity for Bangladesh."
"If the Trump administration imposes higher tariffs on goods from China and Mexico, either the work orders or investment will shift to Bangladesh from these two countries," he said.
LOCAL EXPORTERS BOAST BRIGHT PROSPECTS
Following the Rana Plaza garment factory collapse in 2013 and subsequent Generalized System of Preferences (GSP) withdrawal by the US, Bangladesh has made remarkable improvements in workplace safety to meet international standards.
This has already somewhat satisfied American retailers and brands.
As a result, international clothing retailers and brands can no longer question the country's compliance standards and improved variety of clothing items.
Moreover, the longstanding issue of double fumigation of US cotton in Bangladesh has been lifted at the request of the Biden administration, improving trade relations between the US and Bangladesh.
Double fumigation of US cotton had been a requirement in Bangladesh for almost 50 years. Lifting this requirement simplifies trade and lowers the cost and time of importing US cotton.
Local exporters believe their strong performance record will help the Trump administration view Bangladesh as a reliable source of clothing items.
Masrur Reaz, chairman of Policy Exchange Bangladesh, said, "Garment export may increase as Bangladesh does not have any other competitive products to be exported to the USA."
"If Bangladesh can improve the investment climate, like improving energy supply, the country may further benefit from the shifted investment from China and Mexico due to the imposition of high tariffs and the sustained tariff war between the USA and China," Reaz added.
Republican president-elect Donald Trump will be sworn in at the White House tomorrow for a four-year term.
US President-elect Donald Trump's trade policies towards China and Mexico could ultimately benefit Bangladesh, according to local apparel exporters.
In recent months, Bangladesh's garment exports to the US market have been improving gradually as more American clothing retailers and brands arrive with increased work orders, mainly shifted from China, they said.
The exporters said that punishing tariffs as high as 60 percent on Chinese goods will drive more international clothing retailers and brands to Bangladesh in the future.
Bangladesh is already a preferred destination for American buyers because of competitive prices, its capability to churn out huge export volumes, and improved workplace safety at local factories.
For these reasons, they said Bangladesh has performed strongly in US markets over the years, even with a 15.62 percent duty to the US market.
The US government allows zero-duty benefits on imports of 97 percent of products from the least developed countries (LDCs).
The US government has not included garment items in the 97 percent package, and local garment exporters have urged the government multiple times to negotiate with the US to reduce tariffs on Bangladeshi goods.
AK Azad, chairman and managing director of Ha-Meem Group, who exports the majority of his garment products to the USA, said, "The imposition of high tariffs on China and Mexico will create an opportunity for Bangladesh. A lot of apparel work orders are expected to be shifted from China and Mexico to Bangladesh, India, and Pakistan."
He added that some US-based retailers and brands that shifted work orders away from Bangladesh because of the political crisis and labour unrest last year "are now coming back with increased work orders".
FIRST, BANGLADESH SHOULD GET READY
Azad said Bangladesh should first "do some homework" so that the opportunity can be utilised.
For instance, adequate supplies of utilities such as gas and power need to be ensured for industrial units to run at full production, he added, noting that gas prices are already high for industrial use.
MA Jabbar, managing director of DBL Group, echoed Azad's views.
"The buyers are preferring Bangladesh now as Trump in his speeches said he would impose a high tariff on Chinese and Mexican goods," he said.
In recent years, some basic garment orders were shifted to Mexico but are now returning to Bangladesh, he said, calling for adequate energy supplies to industrial units to enable them to run at full capacity.
The law and order situation should be improved, and investment in man-made fibre, garment, and backward linkage industries needs to be developed soon to capture more of the American market, he said.
Faruque Hassan, former president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said, "So far, Trump's speeches have indicated that he will impose a higher tariff on goods from China and Mexico, which may open a new window of opportunity for Bangladesh."
"If the Trump administration imposes higher tariffs on goods from China and Mexico, either the work orders or investment will shift to Bangladesh from these two countries," he said.
LOCAL EXPORTERS BOAST BRIGHT PROSPECTS
Following the Rana Plaza garment factory collapse in 2013 and subsequent Generalized System of Preferences (GSP) withdrawal by the US, Bangladesh has made remarkable improvements in workplace safety to meet international standards.
This has already somewhat satisfied American retailers and brands.
As a result, international clothing retailers and brands can no longer question the country's compliance standards and improved variety of clothing items.
Moreover, the longstanding issue of double fumigation of US cotton in Bangladesh has been lifted at the request of the Biden administration, improving trade relations between the US and Bangladesh.
Double fumigation of US cotton had been a requirement in Bangladesh for almost 50 years. Lifting this requirement simplifies trade and lowers the cost and time of importing US cotton.
Local exporters believe their strong performance record will help the Trump administration view Bangladesh as a reliable source of clothing items.
Masrur Reaz, chairman of Policy Exchange Bangladesh, said, "Garment export may increase as Bangladesh does not have any other competitive products to be exported to the USA."
"If Bangladesh can improve the investment climate, like improving energy supply, the country may further benefit from the shifted investment from China and Mexico due to the imposition of high tariffs and the sustained tariff war between the USA and China," Reaz added.
Republican president-elect Donald Trump will be sworn in at the White House tomorrow for a four-year term.
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Bangladesh welcomes Trump as 47th US president
Yunus expressed his strong belief that the two countries will work to open up new areas of cooperation
Bangladesh welcomes Trump as 47th US president
Photos: Collected
Bangladesh today welcomed US President-elect Donald Trump and reiterated that the two countries will work together to open new areas of cooperation as he begins a new term.
Referring to Chief Adviser Prof Muhammad Yunus's congratulatory message to Donald Trump on his election as President of the United States, a spokesperson at the Ministry of Foreign Affairs this evening said the chief adviser expressed his strong belief that the two countries will work to open up new areas of cooperation.
"We reiterate that belief and wish Donald Trump all the best as he begins his new term," he said.
Donald Trump, who overcame impeachments, criminal indictments and a pair of assassination attempts to win another term in the White House, will be sworn in as the 47th president on Monday, taking charge as Republicans assume unified control of Washington and set out to reshape the country's institutions.
Trump will act swiftly after the ceremony, with executive orders already prepared for his signature to jumpstart deportations, increase fossil fuel development and reduce civil service protections for government workers, promising that his term will bring about "a brand new day of American strength and prosperity, dignity and pride."
He plans to try to strike a hopeful tone and call for unity, according to excerpts of his prepared speech provided by a Trump official, who insisted on anonymity to preview the speech, reports AP.
On November 6, congratulating Trump, Yunus said he looks forward to working together with the new US administration to further strengthen the Dhaka-Washington partnership and foster sustainable development.
"I firmly believe that the possibilities are endless as our two friendly nations work towards exploring newer avenues of partnership," said the Nobel Peace Laureate in his message conveying his heartfelt felicitations to Trump.
Prof Yunus said electing Trump as the US President for a second term reflects that his leadership and vision have resonated with the people of the United States of America.
"I am confident that under your stewardship, the United States will thrive and continue to inspire others around the world. Bangladesh and the United States share a long history of friendship and collaboration across numerous areas of mutual interest," said the chief adviser.
He said the relationship continued to grow in depth and breadth during Trump's previous term in the office.
"Aligning with our commitment to a peaceful and inclusive society, the government and the peace-loving people of Bangladesh look forward to partnering and collaborating in your efforts in addressing the global challenges in the pursuit of peace, harmony, stability and prosperity for all," Prof Yunus said.
He conveyed his best wishes for Trump's success as he embarks on this momentous journey of leading his great nation.
Foreign Affairs Adviser Md Touhid Hossain said Bangladesh's ties with major powers like the United States are not government-specific, indicating no major change in relations during Donald Trump's presidency.
"We have nothing to speculate," he earlier said, expressing optimism things will move on smoothly in terms of relations with the United States.
"Our relations with India, China and the US are very important. We will surely maintain balanced relations with these three countries protecting our own interests," Hossain said, adding that Bangladesh is not to be dissatisfied with any country.
Photos: Collected
Bangladesh today welcomed US President-elect Donald Trump and reiterated that the two countries will work together to open new areas of cooperation as he begins a new term.
Referring to Chief Adviser Prof Muhammad Yunus's congratulatory message to Donald Trump on his election as President of the United States, a spokesperson at the Ministry of Foreign Affairs this evening said the chief adviser expressed his strong belief that the two countries will work to open up new areas of cooperation.
"We reiterate that belief and wish Donald Trump all the best as he begins his new term," he said.
Donald Trump, who overcame impeachments, criminal indictments and a pair of assassination attempts to win another term in the White House, will be sworn in as the 47th president on Monday, taking charge as Republicans assume unified control of Washington and set out to reshape the country's institutions.
Trump will act swiftly after the ceremony, with executive orders already prepared for his signature to jumpstart deportations, increase fossil fuel development and reduce civil service protections for government workers, promising that his term will bring about "a brand new day of American strength and prosperity, dignity and pride."
He plans to try to strike a hopeful tone and call for unity, according to excerpts of his prepared speech provided by a Trump official, who insisted on anonymity to preview the speech, reports AP.
On November 6, congratulating Trump, Yunus said he looks forward to working together with the new US administration to further strengthen the Dhaka-Washington partnership and foster sustainable development.
"I firmly believe that the possibilities are endless as our two friendly nations work towards exploring newer avenues of partnership," said the Nobel Peace Laureate in his message conveying his heartfelt felicitations to Trump.
Prof Yunus said electing Trump as the US President for a second term reflects that his leadership and vision have resonated with the people of the United States of America.
"I am confident that under your stewardship, the United States will thrive and continue to inspire others around the world. Bangladesh and the United States share a long history of friendship and collaboration across numerous areas of mutual interest," said the chief adviser.
He said the relationship continued to grow in depth and breadth during Trump's previous term in the office.
"Aligning with our commitment to a peaceful and inclusive society, the government and the peace-loving people of Bangladesh look forward to partnering and collaborating in your efforts in addressing the global challenges in the pursuit of peace, harmony, stability and prosperity for all," Prof Yunus said.
He conveyed his best wishes for Trump's success as he embarks on this momentous journey of leading his great nation.
Foreign Affairs Adviser Md Touhid Hossain said Bangladesh's ties with major powers like the United States are not government-specific, indicating no major change in relations during Donald Trump's presidency.
"We have nothing to speculate," he earlier said, expressing optimism things will move on smoothly in terms of relations with the United States.
"Our relations with India, China and the US are very important. We will surely maintain balanced relations with these three countries protecting our own interests," Hossain said, adding that Bangladesh is not to be dissatisfied with any country.
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Trumpâs America First doctrine and its ripple effects on Bangladesh
While Trumpâs presidency presents significant challenges, it also offers opportunities for Bangladesh to strengthen its partnership with the US.
Trumpâs America First doctrine and its ripple effects on Bangladesh
The prospect of a second Trump presidency underscores the need for Bangladesh to adopt a proactive, multifaceted approach to managing its relationship with the US. FILE PHOTO: REUTERS
The potential return of Donald Trump to the White House for a second term has reignited discussions about the global implications of his policies, particularly on trade, defence, immigration, and geopolitics. For Bangladesh, a strategically located South Asian nation, these shifts demand careful analysis and a proactive approach to managing its bilateral relationship with the US. While Trump's first presidency (2017-2021) introduced a "transactional" approach to diplomacy under the "America First" doctrine, his potential comeback could exacerbate existing challenges and create new opportunities for Dhaka.
Trade dependency and diversification
The US is Bangladesh's single largest export market, with the ready-made garment (RMG) sector accounting for over 80 percent of exports to the US. In 2022, Bangladesh exported $10.41 billion worth of goods to the US, underscoring the importance of maintaining favourable trade relations. However, Trump's protectionist policies and potential demands for stricter compliance with labour standards or supply chain transparency could complicate this dynamic.
During his first term, Trump withdrew from multilateral trade agreements and emphasised bilateral deals, often using trade relations as leverage for broader political goals. This approach could have serious repercussions for Bangladesh, which relies on preferential trade agreements and access to foreign markets for its economic growth. The Generalised System of Preferences (GSP) programme for Bangladesh, suspended in 2013, might face further delays under another Trump administration.
Bangladesh must diversify its export markets beyond traditional partners, particularly in Europe and North America. Additionally, improving compliance with international labour and environmental standards is imperative. Efforts to upgrade worker safety and rightsâinitiated after the Rana Plaza tragedyâneed renewed vigour. Dhaka should also actively engage in economic diplomacy, presenting itself as a stable and reliable partner in an era of shifting global trade dynamics.
Geopolitics of the Indo-Pacific
Bangladesh's geographic position along the Bay of Bengal makes it a focal point in the growing US-China rivalry. Trump's Indo-Pacific Strategy was a cornerstone of his foreign policy during his first term, aimed at countering China's growing influence through alliances and regional partnerships. Bangladesh, while maintaining close economic ties with China, also participates in regional security initiatives and dialogues with the US.
A more assertive Trump presidency could escalate the militarisation of the Indo-Pacific, compelling Bangladesh to make difficult choices. While the US would likely push for closer defence cooperation under the guise of countering Chinese influence, Bangladesh must balance this with its dependency on Chinese investment in infrastructure and technology. The country's involvement in China's Belt and Road Initiative (BRI) has already drawn scrutiny from Washington, making this balancing act even more delicate.
Bangladesh should prioritise its strategic autonomy, refraining from being drawn into the binary US-China competition. By advocating for a multipolar Indo-Pacific, Dhaka can position itself as a neutral, peace-promoting state. Moreover, targeted military and economic cooperation with the US, particularly in areas like maritime security and counterterrorism, can strengthen bilateral ties without alienating China.
The Rohingya crisis: Keeping the global focus alive
One of Bangladesh's most pressing humanitarian challenges is the Rohingya crisis. Hosting over one million Rohingya refugees from Myanmar, the country faces immense social, economic, and environmental pressures. Trump's first term was marked by limited engagement in humanitarian crises, and a second term could see further withdrawal from multilateral efforts.
Bangladesh's appeals for international support, particularly for Rohingya repatriation, have been met with mixed responses. While the US has provided significant financial assistance, it has not taken a leadership role in addressing the root causes of the crisis. Trump's scepticism of international institutions like the UN could undermine collective efforts to hold Myanmar accountable for its actions, leaving Bangladesh with fewer avenues for recourse.
To ensure continued support, Bangladesh must adopt a multi-pronged strategy. This includes engaging US lawmakers, think tanks, and advocacy groups to keep the Rohingya crisis on Washington's agenda. Simultaneously, Dhaka should explore partnerships with other countries and organisations to create a global coalition advocating for a durable solution. Highlighting the regional security implications of prolonged refugee displacement can also attract US attention, given its strategic interests in the Indo-Pacific.
Public diplomacy and countering negative perceptions
During his first term, Trump's rhetoric on Bangladesh was occasionally influenced by domestic political considerations and lobbying efforts. Statements that appeared dismissive of Bangladesh's progress and contributions not only strained bilateral relations but also reinforced negative stereotypes. Additionally, the Bangladeshi diaspora in the US, which plays a vital role in cultural and economic exchanges, remains an underutilised asset in countering such narratives.
Bangladesh needs to invest in public diplomacy, showcasing its achievements in economic growth, poverty reduction, and climate resilience. Initiatives to engage the Bangladeshi diasporaâthrough cultural festivals, business forums, and academic collaborationsâcan create a positive narrative and build goodwill. Furthermore, the establishment of Bangladesh-focused programmes at US think tanks and universities can enhance the country's visibility and influence in US policymaking circles.
Challenges for Bangladeshi migrants
Trump's hardline stance on immigration, including restrictions on H-1B visas and enhanced scrutiny of migrants from Muslim-majority countries, has created challenges for Bangladeshi nationals in the US. A second term could see the continuation or expansion of these policies, impacting both skilled professionals and students seeking opportunities in the US.
Bangladesh must advocate for the fair treatment of its nationals, emphasising their contributions to the US economy and society. Strengthening bilateral agreements on labour mobility and skills development can also mitigate the impact of restrictive immigration policies. Additionally, fostering educational and cultural exchanges can build bridges between the two nations.
One of Bangladesh's long-standing challenges is the limited capacity of its diplomatic apparatus to engage effectively with major global powers like the US. While its missions in Washington DC and New York have made strides in recent years, there remains a significant gap in expertise, resources, and strategic planning.
Dhaka should establish specialised units within the Ministry of Foreign Affairs to monitor US policy developments and coordinate lobbying efforts. Enhancing the capabilities of its diplomatic missionsâthrough training programmes, recruitment of subject matter experts, and increased fundingâwill be critical in navigating the complexities of Bangladesh-US relations. Collaboration with international think tanks and advocacy groups can also amplify Bangladesh's voice in Washington.
Opportunities amid challenges
While Trump's presidency presents significant challenges, it also offers opportunities for Bangladesh to strengthen its partnership with the US. The Bay of Bengal's strategic importance and Bangladesh's growing role in regional geopolitics make it a valuable ally in Washington's Indo-Pacific Strategy.
Additionally, Trump's transactional approach to diplomacy provides an opening for Bangladesh to negotiate targeted agreements that align with its national priorities. Areas such as renewable energy, digital technology, and climate resilience offer potential avenues for collaboration.
Crafting a resilient strategy
The prospect of a second Trump presidency underscores the need for Bangladesh to adopt a proactive, multifaceted approach to managing its relationship with the US. By prioritising economic diversification, strategic autonomy, and diplomatic engagement, Dhaka can navigate the uncertainties of this new era while safeguarding its national interests. In a world increasingly defined by competition and unpredictability, resilience and foresight are key to a brighter future for Bangladesh-US relations.
Dr Rakib Al Hasan is a physician, author, activist and international award-winning youth leader of Bangladesh. He is the founder and executive director of the Centre for Partnership Initiative.
The prospect of a second Trump presidency underscores the need for Bangladesh to adopt a proactive, multifaceted approach to managing its relationship with the US. FILE PHOTO: REUTERS
The potential return of Donald Trump to the White House for a second term has reignited discussions about the global implications of his policies, particularly on trade, defence, immigration, and geopolitics. For Bangladesh, a strategically located South Asian nation, these shifts demand careful analysis and a proactive approach to managing its bilateral relationship with the US. While Trump's first presidency (2017-2021) introduced a "transactional" approach to diplomacy under the "America First" doctrine, his potential comeback could exacerbate existing challenges and create new opportunities for Dhaka.
Trade dependency and diversification
The US is Bangladesh's single largest export market, with the ready-made garment (RMG) sector accounting for over 80 percent of exports to the US. In 2022, Bangladesh exported $10.41 billion worth of goods to the US, underscoring the importance of maintaining favourable trade relations. However, Trump's protectionist policies and potential demands for stricter compliance with labour standards or supply chain transparency could complicate this dynamic.
During his first term, Trump withdrew from multilateral trade agreements and emphasised bilateral deals, often using trade relations as leverage for broader political goals. This approach could have serious repercussions for Bangladesh, which relies on preferential trade agreements and access to foreign markets for its economic growth. The Generalised System of Preferences (GSP) programme for Bangladesh, suspended in 2013, might face further delays under another Trump administration.
Bangladesh must diversify its export markets beyond traditional partners, particularly in Europe and North America. Additionally, improving compliance with international labour and environmental standards is imperative. Efforts to upgrade worker safety and rightsâinitiated after the Rana Plaza tragedyâneed renewed vigour. Dhaka should also actively engage in economic diplomacy, presenting itself as a stable and reliable partner in an era of shifting global trade dynamics.
Geopolitics of the Indo-Pacific
Bangladesh's geographic position along the Bay of Bengal makes it a focal point in the growing US-China rivalry. Trump's Indo-Pacific Strategy was a cornerstone of his foreign policy during his first term, aimed at countering China's growing influence through alliances and regional partnerships. Bangladesh, while maintaining close economic ties with China, also participates in regional security initiatives and dialogues with the US.
A more assertive Trump presidency could escalate the militarisation of the Indo-Pacific, compelling Bangladesh to make difficult choices. While the US would likely push for closer defence cooperation under the guise of countering Chinese influence, Bangladesh must balance this with its dependency on Chinese investment in infrastructure and technology. The country's involvement in China's Belt and Road Initiative (BRI) has already drawn scrutiny from Washington, making this balancing act even more delicate.
Bangladesh should prioritise its strategic autonomy, refraining from being drawn into the binary US-China competition. By advocating for a multipolar Indo-Pacific, Dhaka can position itself as a neutral, peace-promoting state. Moreover, targeted military and economic cooperation with the US, particularly in areas like maritime security and counterterrorism, can strengthen bilateral ties without alienating China.
The Rohingya crisis: Keeping the global focus alive
One of Bangladesh's most pressing humanitarian challenges is the Rohingya crisis. Hosting over one million Rohingya refugees from Myanmar, the country faces immense social, economic, and environmental pressures. Trump's first term was marked by limited engagement in humanitarian crises, and a second term could see further withdrawal from multilateral efforts.
Bangladesh's appeals for international support, particularly for Rohingya repatriation, have been met with mixed responses. While the US has provided significant financial assistance, it has not taken a leadership role in addressing the root causes of the crisis. Trump's scepticism of international institutions like the UN could undermine collective efforts to hold Myanmar accountable for its actions, leaving Bangladesh with fewer avenues for recourse.
To ensure continued support, Bangladesh must adopt a multi-pronged strategy. This includes engaging US lawmakers, think tanks, and advocacy groups to keep the Rohingya crisis on Washington's agenda. Simultaneously, Dhaka should explore partnerships with other countries and organisations to create a global coalition advocating for a durable solution. Highlighting the regional security implications of prolonged refugee displacement can also attract US attention, given its strategic interests in the Indo-Pacific.
Public diplomacy and countering negative perceptions
During his first term, Trump's rhetoric on Bangladesh was occasionally influenced by domestic political considerations and lobbying efforts. Statements that appeared dismissive of Bangladesh's progress and contributions not only strained bilateral relations but also reinforced negative stereotypes. Additionally, the Bangladeshi diaspora in the US, which plays a vital role in cultural and economic exchanges, remains an underutilised asset in countering such narratives.
Bangladesh needs to invest in public diplomacy, showcasing its achievements in economic growth, poverty reduction, and climate resilience. Initiatives to engage the Bangladeshi diasporaâthrough cultural festivals, business forums, and academic collaborationsâcan create a positive narrative and build goodwill. Furthermore, the establishment of Bangladesh-focused programmes at US think tanks and universities can enhance the country's visibility and influence in US policymaking circles.
Challenges for Bangladeshi migrants
Trump's hardline stance on immigration, including restrictions on H-1B visas and enhanced scrutiny of migrants from Muslim-majority countries, has created challenges for Bangladeshi nationals in the US. A second term could see the continuation or expansion of these policies, impacting both skilled professionals and students seeking opportunities in the US.
Bangladesh must advocate for the fair treatment of its nationals, emphasising their contributions to the US economy and society. Strengthening bilateral agreements on labour mobility and skills development can also mitigate the impact of restrictive immigration policies. Additionally, fostering educational and cultural exchanges can build bridges between the two nations.
One of Bangladesh's long-standing challenges is the limited capacity of its diplomatic apparatus to engage effectively with major global powers like the US. While its missions in Washington DC and New York have made strides in recent years, there remains a significant gap in expertise, resources, and strategic planning.
Dhaka should establish specialised units within the Ministry of Foreign Affairs to monitor US policy developments and coordinate lobbying efforts. Enhancing the capabilities of its diplomatic missionsâthrough training programmes, recruitment of subject matter experts, and increased fundingâwill be critical in navigating the complexities of Bangladesh-US relations. Collaboration with international think tanks and advocacy groups can also amplify Bangladesh's voice in Washington.
Opportunities amid challenges
While Trump's presidency presents significant challenges, it also offers opportunities for Bangladesh to strengthen its partnership with the US. The Bay of Bengal's strategic importance and Bangladesh's growing role in regional geopolitics make it a valuable ally in Washington's Indo-Pacific Strategy.
Additionally, Trump's transactional approach to diplomacy provides an opening for Bangladesh to negotiate targeted agreements that align with its national priorities. Areas such as renewable energy, digital technology, and climate resilience offer potential avenues for collaboration.
Crafting a resilient strategy
The prospect of a second Trump presidency underscores the need for Bangladesh to adopt a proactive, multifaceted approach to managing its relationship with the US. By prioritising economic diversification, strategic autonomy, and diplomatic engagement, Dhaka can navigate the uncertainties of this new era while safeguarding its national interests. In a world increasingly defined by competition and unpredictability, resilience and foresight are key to a brighter future for Bangladesh-US relations.
Dr Rakib Al Hasan is a physician, author, activist and international award-winning youth leader of Bangladesh. He is the founder and executive director of the Centre for Partnership Initiative.
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