Bangladesh may have signed on the dotted line, but in the trade tug-of-war with the United States, it looks like Washington came out the clear winner, as per a GTRI report. The recently announced US–Bangladesh deal offers conditional benefits for Dhaka, but at a cost that may far outweigh the gains. Zero duty, but only on US cotton The joint statement released on 9 February 2026 says the US will cut its reciprocal tariff on Bangladeshi goods to 19% and provide zero-duty access “only for garments made with US-origin cotton and man-made fibres”. On paper, this seems generous. In reality, it is far more restrictive.