Minister of Industry and Entrepreneurship Development Sunil Handunneththi expressed concern over the recent reciprocal tariffs imposed on Sri Lanka by the US, calling the move unexpected and potentially damaging to the country’s export ambitions.
“This is actually a big shock, This is not something that we anticipated,” Handunneththi said speaking to media. The new tariffs, he said, could hinder his governemnt’s target of increasing exports by $3 billion.
The Minister criticized the tariff rate calculation, describing the 44 percent figure as “unfair.” He explained that it was based on halving the trade deficit between the two countries, a method he said disproportionately penalizes Sri Lanka.
“The US has no political reason to do this to us,” he noted, adding that the timing is especially difficult. “We were just starting to stabilize. It will be difficult to bear at this time for Sri Lanka.”
He also commented on former President Donald Trump’s trade policies, suggesting they may not be sustainable. “President Trump’s plan may not be feasible in the long run, considering the consumption patterns of the country,” he said.
The government is expected to review the potential economic impact and consider diplomatic options in response, the Minister said. (Newswire)
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