Sri Lanka will continue discussions with the United States on the 30% trade tariff, Secretary to the Ministry of Finance – Dr. Harshana Suriyapperuma has said.
Speaking at a media briefing held this morning (July 10), he also urged not to view this situation in isolation, as the whole world faces these tariffs.
Meanwhile, Central Bank Governor Dr. Nandalal Weerasinghe stated during the press briefing that Sri Lanka has secured a reduction in the proposed US tariff rate from 44% to 30% following recent discussions.
He added that this placed the island nation in a relatively advantageous position compared to other nations in the region.
Clarifying on how the tax will be added, Senior Economic Advisor to the President, Duminda Hulangamuwa said that reciprocal 30% tariff proposed by the US President Donald Trump yesterday (09), will be in addition to the existing duties imposed on products exported from Sri Lanka to the US.
Therefore, Sri Lanka will continue to hold discussions with authorities in the US and a meeting is scheduled for next week with the Office of the United States Trade Representative in a bid to further reduce the tariffs proposed by the US President, he added.
Hulangamuwa is also of the view that the apparel sector will be impacted the most, although Sri Lanka is exporting to a niche market in comparison to market competitors – Bangladesh, India and Vietnam.
