Former President – Ranil Wickremesinghe has emphasized that the Sri Lankan government needs to unveil a plan to face the situation created by the US reciprocal taxes.
Making a special statement, Mr. Wickremesinghe points out that although the taxes have been paused at the moment, it will not be scrapped altogether as it is a part of Trump’s manifesto.
As a direct consequence of these taxes, around 100,000 jobs are at risk, he warned, adding that the consequences would ripple across the broader economy.
“Even if the taxes imposed on Sri Lanka are slashed, we will be compelled to pay taxes of 25% – 30%, resulting in exports still declining” he said.
Noting that Sri Lanka will have to generate funds to start setting its debts by 2028 as per the debt restructuring programme, Mr. Wickremesinghe emphasizes that the Government will have to treat this as an emergency situation and come out with a plan to face the situation.
He emphasizes that firstly, discussions must be held with the US and secondly, it must be planned how to solve this issue domestically.
