U.S. tariffs to hurt Bangladeshi economy: ADB warns

DHAKA, July 27 (Xinhua) -- The Asian Development Bank (ADB) has warned that tariffs imposed by the United States could negatively impact the Bangladeshi economy.

The Manila-based lender in its recently published July edition of the Asian Development Outlook said growth forecast in the fiscal year (July 2025-June 2026) for Bangladesh has been revised downward, mainly due to a slowdown in the export and industrial sectors, as well as potential effects of U.S. tariffs.

The ADB in April projected a 5.1 percent growth in the 2025-26 fiscal year for Bangladesh.

The U.S. administration announced a 35 percent tariff on Bangladeshi products, which is scheduled to take effect on Aug. 1.

Trade analysts said Bangladesh remained at a distinct disadvantage compared to its competitors in the U.S. market for its readymade garments, the export of which is the backbone of the South Asian economy, accounting for more than 80 percent of export earnings and employing over 4 million people.