Dhaka, July 20 -- Bangladesh signed a memorandum of understanding (MoU) with the United States to import 700,000 tonnes of wheat annually at competitive prices as it seeks to offset the impact of new tariffs imposed by the Trump administration.

The MoU was signed at the Ministry of Food on Sunday, the ministry said in a statement.

Bangladesh and the US have a trade deficit of $6.0 billion. In its latest trade salvo, the US has announced plans to impose a 35 per cent supplementary duty on products exported from Bangladesh, according to a bdnews24.com report.

Bangladesh wants to reduce this trade deficit by increasing imports of essential products from the US. In addition, diplomatic efforts are underway to come to an agreement that coul...