Dhaka, Feb. 15 -- The cloak of secrecy has finally been lifted. The non-disclosure agreement that kept the Bangladesh-US "reciprocal tariff" deal hidden from public scrutiny has been pulled back, and Bangladeshis can now see what was negotiated in their name. On first reading, this does not look like an agreement between sovereign equals. It reads like a document drafted in Washington and handed over for signature. If Bangladesh had trade lawyers and economists at the table, they were either absent or overruled. The result is deeply concerning.

What emerges is not "reciprocity" in any meaningful sense. It is a framework of conditionality backed by enforcement: Bangladesh commits to sweeping changes across trade regulation, digital policy...