DHAKA, April 7, 2025 (BSS) – The International Chamber of Commerce (ICC) has urged the governments to prioritise dialogue for overcoming the United States (US) tariff shock.
 
“We continue to encourage governments to place an emphasis on negotiation and de-escalation to the greatest extent possible - tariff retaliation is a lose-lose game,” said ICC Bangladesh President Mahbubur Rahman here today.

Rahman was presenting the statement issued by Secretary General of the ICC John W.H. Denton AO at a press briefing on business response on ‘Announcement of the US reciprocal Tariff plan' at a city hotel today, according to a press release issued here.
 
Speaking on behalf of more than 45 million companies in over 170 countries, the statement described the new measures as a shock to the global trading system that need not result in a systemic crisis.
 
In the statement, ICC John W.H. Denton AO said, “What we've seen today represents a watershed moment in American trade policy that poses severe downside risks to the global economy. To put this in historical context, effective U.S. tariff rates now stand at a level not seen since the 1930s - and cover a significantly higher proportion of American GDP than the infamous Smoot-Hawley Act.”
 
 He said, "This is, without doubt, a shock to the global trading system but it need not result in a systemic crisis. The U.S. is an economic superpower but only accounts for 13 percent of global imports. How other nations respond to the new duties will ultimately determine the scale and depth of any economic fallout from "Liberation Day". We continue to encourage governments to place an emphasis on negotiation and de-escalation to the greatest extent possible - tariff retaliation is a lose-lose game.”
 
 
"We are immediately concerned by the potential impact of the severe tariffs imposed on a range of emerging economies - an approach which risks further damaging the development prospects of countries already facing worsening terms of trade,” he added.
 
He said, “Businesses across our network will be seeking urgent clarification from the relevant U.S. authorities on how new country-level tariffs will be applied in practice including on how they interact with sector-specific duties and rules of origin requirements. Given the almost immediate entry into force of the new measures, there is a clear risk of costly supply chain disruptions and customs backlogs absent of express guidance being provided in a timely manner.” 
 
"From a broader perspective, it's clear that the measures announced today present a fundamental challenge to the rules-based governance of trade. In addition to responding bilaterally to the U.S. administration, we also need to see governments taking action to safeguard the multilateral system - and set the foundations for its eventual revitalization,” he added.
 
He said, "Predictability and certainty are fundamental to cross-border commerce. We fully appreciate the U.S. administration's desire to secure a level playing field for international trade but remain deeply skeptical that a tariff escalation of this scale can deliver on that goal - multilateral solutions will ultimately be needed to resolve longstanding inefficiencies and inequities in the global trading system."
 
After presenting the ICC Statement, Mahbubur Rahman, has expressed deep concern over the recent announcement by U.S. President Donald Trump regarding new trade tariffs. 
 
The announcement includes a universal 10% tariff on all imports to the U.S., along with additional country-specific tariffs under a "reciprocal" trade framework, he added.

 As a result, he said, Bangladeshi exports to the United States will now be subjected to a 37% tariff—an alarming increase from the current average rate of 15%.