The trade war between the US and China is causing steel prices in Bangladesh to soar.
Bangladesh relies on importing scrap metal from the United States to make steel rod , which are the backbone of the buildings and other infrastructure. But they are becoming more expensive to build because the input cost have been risen.
That is having a knock-on effect on the rest of the economy, with house prices skyrocketing and construction taking a hit.
The businessmen in country’s capitol Dhaka, the hub of the steel rod market, says business is bad. Some traders stop piling stocks bedding prices will rise when or if the trade war eventually ends.
President Trump’s tariffs are costing poor countries as well his own and China.
There’s been a construction boom in Bangladesh for over the past 20 years, but the higher prices of construction materials are threatening to recent economic growth .