High-level talks held with US to minimize impact of Trump’s tariffs - Govt

High-level discussions have been held between the government and Washington to minimize the impact of the reciprocal tariffs announced by United States President Donald Trump will have on local businesses, Deputy Minister of Finance and Planning Harshana Sooriyapperuma has revealed.

The Deputy Minister noted that despite the assertions by the opposition, discussions were held with US authorities even before the announcement was made by President Trump.

On Wednesday (2), US President Donald Trump announced a sweeping set of reciprocal tariffs, imposing a baseline 10 per cent tax on all imports and significantly higher rates on dozens of countries with which the US runs trade deficits.

Sri Lanka is facing one of the steepest tariffs among countries amounting 44 per cent.

Speaking at a media briefing held at the Department of Government Information this afternoon (6), Deputy Minister Sooriyapperuma said the government recognizes the evolving trade landscape with the US looking to address trade imbalances through reciprocal tariffs.

The Deputy Minister said once the announcement was made, the government took several decisions and also reached out to Washington with the aim of finding solutions and lesson the impact tariffs will have on local businesses.

According to Deputy Minister Sooriyapperuma, discussions were held virtually between the two factions and the Trump administration had appreciated the move taken by the Sri Lankan government to reach out to them over the matter.

He said during the meeting, the US delegation acknowledged that tariffs were decided based on a formula and not based on duty imposed by Sri Lanka on imports.

Deputy Minister Harshana Sooriyapperuma added that further details and specifics will be deliberated with the Trump administration during a meeting to be held next Tuesday.
 
He said all businesses and stakeholders will be informed of the progress made during the discussion with US authorities.