Trump tariff shock stings Bangladesh, Sri Lanka garment giants, may help India
Trump tariff shock stings Bangladesh, Sri Lanka garment giants, may help India
DHAKA/COLOMBO/MUMBAI, April 3 (Reuters) - Bangladeshi garment exporter Shahidullah Azim woke up on Thursday to the shock of U.S. President Donald Trump slapping a 37% tariff on his country's exports, endangering an apparel hub already reeling from domestic political upheaval.
"We knew something was coming, but we never expected it to be this drastic ... This is terrible for our business and for thousands of workers," said Azim, whose clients include North American and European retailers.
Some companies in the impoverished South Asian country are pressing government officials to negotiate further on tariffs with the U.S. to prevent foreign buyers bolting to save costs.
The readymade garments industry is of existential importance to Bangladesh's economy, accounting for more than 80% of total export earnings, employing 4 million people and contributing roughly 10% to its annual GDP.
