Sri Lanka President expects further U.S. tariff relief after initial cut

Sri Lankan President Anura Kumara Dissanayake announced that, following recent discussions with the United States, Sri Lanka was able to secure a reduction in the previously imposed reciprocal tariff by the United States from 44% to 30%.

He further emphasized that ongoing dialogue will continue in order to obtain additional concessions.

The President stated that the government’s objective is to implement changes that benefit the country’s economy, businesses, the business community, and the well-being of its citizens.

He made these remarks during a discussion held this morning (July 12) at the Presidential Secretariat in Colombo with all stakeholders in the export sector.

The meeting focused on the progress of discussions related to the new reciprocal tariff policy that the United States is expected to implement, the current situation, and the economic challenges Sri Lanka may face in adapting to this policy.

At this critical juncture, the discussion also highlighted the importance of identifying new market opportunities and fostering collaboration between the public and private sectors. Export diversification was recognized as a key strategy to overcome current challenges.

Participants at the discussion included Minister of Labour and Deputy Minister of Economic Development Dr. Anil Jayantha Fernando, Western Province Governor Hanif Yusoof, Central Bank Governor Dr. P. Nandalal Weerasinghe, Secretary to the Ministry of Finance Dr. Harshana Suriyapperuma, Secretary to the Ministry of Trade, Commerce, Food Security and Cooperative Development K.A.K.A. Vimalenthirarajah, Senior Advisor to the President on Economic Affairs Duminda Hulangamuwa, Senior Advisor to the President on Digital Economy Dr. Hans Wijesuriya, Chairman of the Sri Lanka Export Development Board Mangala Wijesinghe, Chairman of the Board of Investment Arjuna Herath, Chairman of the International Chamber of Commerce Shanil Fernando, Chairman of the Tea Exporters Association Huzefa Akbarally, CEO of Brandix Group Ashroff Omar, along with other representatives from institutions affiliated with the export sector.