The reciprocal 30% tariff proposed by the US President Donald Trump yesterday (09), will be in addition to the existing duties imposed on products exported from Sri Lanka to the US, said the Senior Economic Advisor to the President, Duminda Hulangamuwa.

Speaking during a special media briefing held at the Department of Government Information today, Senior Economic Advisor to the President Hulangamuwa clarified that the 30% tariff will be in addition to the Most-Favored Nation (MFN) rates for all products sent to the US from 1 August.

Therefore, Sri Lanka will continue to hold discussions with authorities in the US and a meeting is scheduled for next week with the Office of the United States Trade Representative in a bid to further reduce the tariffs proposed by the US President, said the Senior Economic Advisor to the President.

He added a team in the US and also those based in Colombo are working with the US Trade Representative to secure a favourable deal for local businesses before the tariffs go into effect on 1 August.

Hulangamuwa is also of the view the biggest impact will be on the Apparel sector, although Sri Lanka is exporting to a niche market in comparison to the likes of Bangladesh, India and Vietnam.

Senior Economic Advisor to the President Duminda Hulangamuwa noted that trade advantages and disadvantages will continue to prevail but they are taking all efforts to keep Sri Lanka businesses competitive and desirable during the current challenging climate.