Ranil warns of over 100,000 job losses in Sri Lanka due to US tariff impact
April 16, 2025 02:01 pm
Former President Ranil Wickremesinghe warns that Sri Lanka faces the potential loss of more than 100,000 jobs in the country as a result of the new trade tariff policy implemented by the United States.
Delivering a special statement today (16), Wickremesinghe described the situation as an economic emergency and urged the government to inform the public of the steps it is taking to address the looming crisis.
“As tariffs increase, consumer demand for goods declines. This is not a hypothetical situation. It is already unfolding. One direct consequence of this will be job losses. Some estimate over 100,000 jobs are at risk. Whether the number is exactly that or slightly lower, the figure is set to rise,” he stressed.
The former President also emphasised that the impact would not be limited to jobholders alone but would ripple across the broader economy, stating, “People running boarding houses, shops, and other support services will also see their income affected. This will, in turn, hurt our overall economy”.
He further noted that a drop in export revenue could worsen Sri Lanka’s balance of payments, weaken the rupee, and lead to a further slowdown in economic growth.
“As our earnings decline, our borrowing needs will increase. The economy may slow down further, and the rupee could depreciate even more”, Wickremesinghe cautioned.
Calling for immediate diplomatic engagement with the United States, Wickremesinghe stressed the urgency of transparent communication.
“The government must treat this as an emergency and clearly communicate what measures are being taken locally. Otherwise, one problem will follow another”, he added.
