All parties in Sri Lanka meet to discuss Trump's tariffs

Colombo, Apr 10 (PTI) Sri Lankan opposition parties and President Anura Kumara Dissanayake met here on Thursday to discuss the impact from the new Trump tariffs.

“The President briefed the party leaders on the findings of the committee appointed to conduct an in-depth study on the potential issues that may arise due to the new reciprocal tariff system introduced by the US and to submit recommendations to the government”, a statement said.

The opposition had requested a meeting with Dissanayake to discuss the issue.

The opposition demanded urgent government attention claiming that Sri Lankan exports would be hit by the US tariffs.

On Wednesday, US President Donald Trump said he authorised a 90 day pause on the latest tariffs after recognising that more than 75 countries had been negotiating on trade and had not retaliated against his latest increases in tariffs. Countries subject to the pause will now be tariffed at 10 per cent with the exception of China which faces a 125 per cent tariff.

Sri Lanka’s exports to the US valued around USD 3 billion. Mostly apparel and rubber goods would be subject to a 44 per cent tax while Sri Lanka taxed US imports at 88 per cent.

The opposition claimed the tariff would shut garments factories causing a severe impact on the island nation's economy.

“The meeting was both successful and positive. The president and the opposition share almost the same opinion on the issue,” the opposition’s main economic spokesman Harsha de Silva told reporters.

The opposition added that they had submitted proposals to enhance exports in order to mitigate the impact from the order which is now being delayed by a further 90 days for implementation from Thursday. PTI CORR NPK NPK

Source: PTI