DHAKA, April 6 (Xinhua) -- Bangladeshi stocks tumbled on Sunday after U.S. President Donald Trump signed an executive order on so-called "reciprocal tariffs," sparking recession fears worldwide.

Dhaka Stock Exchange (DSE) resumed Sunday after nine days of Eid al-Fitr vacation. The trading at the Bangladesh's main bourse opened lower on Sunday as jittery investors sold shares amid concern over higher tariffs on export products to the United States.

The DSEX, the key index of the DSE, went down by 31 points or 0.58 percent to 5,188 points at 11:00 a.m. local time Sunday.

The DS30 index, a group of 30 prominent companies, lost two points to 1,912 points while the DSES index, which represents Islami Shariah-based companies, shed four points to 1,163 points.

Of the securities that traded on the premier bourse of Bangladesh in the early hours of the first session on Sunday, 265 declined, 70 advanced, and 38 issues remained unchanged.

Market operators attributed the fall mainly to the imposition of higher tariffs on Bangladeshi products, saying this can take a heavy toll on export-orientated listed companies in the country's two bourses, DSE and Chattogram Stock Exchange (CSE).

They said investors here saw their first wealth erode Sunday as it is the first trading day after the Eid vacation and the imposition of tariffs by the U.S. government on April 2 on imports from certain trading partners, including Bangladesh.

Trump Wednesday announced fresh tariffs with Bangladeshi exports facing a 37 percent duty upon entry. The U.S. tariff rate on Bangladeshi products was previously an average of 15 percent, meaning the rate has more than doubled.

A list released by the White House states that Bangladesh imposes tariffs of up to 74 percent on U.S. goods. In response, a 37 percent "reduced supplementary tariff" will now be imposed on Bangladeshi goods entering the U.S. market, it said.

Against this backdrop, Bangladeshi interim government's Chief Adviser Muhammad Yunus on Saturday held an emergency meeting amid the traders' concerns following the U.S. announcement of increased tariffs on Bangladeshi exports.

The country's leading economists, advisers and relevant government officials attended the meeting to assess the impact and outline possible responses.

Currently, the United States is the single largest market for Bangladeshi readymade garments. Bangladesh exported goods worth about 8.4 billion U.S. dollars to the United States in 2024, of which 7.34 billion dollars was readymade garments.

Trade analysts fear that this newly imposed high tariff will have a significant negative impact on Bangladesh's exports, especially in the ready-made garment sector.

Industry insiders, including readymade garment manufacturers, warned that the new tariffs could severely impact Bangladesh's garment sector, a cornerstone of the country's economy. Enditem

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