Pamodi Waravita

2 weeks ago | straitstimes.com | Mujib Mashal |Pamodi Waravita |Saif Hasnat

COLOMBO/DHAKA - Through Covid-19, political chaos, and economic disarray, Sri Lanka and Bangladesh kept one industry central to their hopes of prosperity afloat: the manufacturing of ready-made garments, with the United States as their main market. Then came President Donald Trump’s tariffs. The two countries are reeling after Sri Lanka was hit with 44 per cent tariffs and Bangladesh subjected to 37 per cent levies.

3 weeks ago | nytimes.com | Mujib Mashal |Pamodi Waravita |Saif Hasnat

Targeting the manufacturers not only upends the economies of these nations, but also adds to the burden of U.S. companies, analysts warned. William Blair said merchandise costs could go up by about 30 percent and American consumers may ultimately feel the pinch. Bangladesh sends more than $7bn of clothing to the U.S. every year. The country's garment manufacturing industry makes up 80 percent of its total exports and employs more than four million people, mostly women.