Uncertainty looms over US tariffs
View(s):A veil of uncertainty has engulfed Colombo on the fate of Sri Lanka’s exports to the US with the government sending another delegation to the US in a bid to lower the rates from the now-decided 30 per cent tariffs. What Sri Lanka is offering – be it reduced tariffs on US goods to the country or new imports in return for reduced rates – remains to be seen as the government has not disclosed these details. The key anxiety is the impact on garment exports.
This week rubber and coconut exporters expressed grave concern over the 30 per cent tariff. “The move poses a grave threat to Sri Lanka’s rubber exports, especially to value-added segments such as solid tires, gloves, and industrial components, said Harin de Silva, Chairman of the Colombo Rubber Traders’ Association. “It’s a devastating blow to an entire industry that Sri Lanka has worked hard to build,” said Jayantha Samarakoon, Chairman of the Ceylon Chamber of Coconut Industry.
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