#TariffsPause
The term "TariffsPause" refers to temporary suspensions or reductions of import tariffs on specific goods to support domestic industries and consumers. For instance, in March 2024, the UK government announced a two-year suspension of import tariffs on over 120 products, including flowers, fruit juices, and chemicals, aiming to reduce costs for small and medium-sized enterprises (SMEs) and consumers. citeturn0search7
Similarly, the European Union proposed a six-month suspension of mutual tariffs with the United States in April 2021 to resolve a longstanding dispute over aircraft subsidies between Boeing and Airbus. citeturn0search8
In Bangladesh, the National Board of Revenue (NBR) has initiated steps to rationalize customs duties by gradually aligning them with World Trade Organization (WTO) commitments. This includes reducing customs duties on certain items and phasing out minimum import prices by 2026, aiming to enhance export competitiveness and comply with international trade standards. citeturn0search0
These measures are typically implemented to stimulate economic growth, support domestic industries, and improve international trade relations.