Bangladesh, Feb. 20 -- There are moments in a nations history when a signature becomes heavier than a speech, heavier even than an election. Bangladesh may have just experienced one. The so-called “reciprocal” trade agreement signed in the twilight of the interim administration was presented as a diplomatic triumph. Tariffs reduced — from 20 to 19 percent. Market access expanded. Strategic partnership deepened. The headlines were neat; the press releases are optimistic. But if one reads beyond the ceremonial language, the story shifts from celebration to concern.

This was not merely a trade deal. It was a strategic realignment disguised as commerce.

Let us begin with the arithmetic. In exchange for a one-percentage-poi...