The Ministry of Finance has initiated ongoing discussions aimed at reducing the trade tariffs proposed to be imposed by the United States on exports from Sri Lanka.

Accordingly, a virtual meeting is scheduled to be held today (18 July) between Sri Lankan representatives and officials from the Office of the United States Trade Representative (USTR).

The discussion will be led by the Secretary to the Ministry of Finance, Dr. Harshana Suriyapperuma, along with other relevant government officials. 

The primary focus of the meeting is to promote trade and investment relations between the two countries.

A statement issued by the Ministry of Finance further elaborates:

“On April 3, U.S. President Donald Trump announced the imposition of universal tariffs on goods imported from countries around the world. While the minimum rate was set at 10%, higher tariffs were applied to certain countries, with Sri Lanka initially facing a tariff of 44%. This policy was met with strong opposition globally, with China warning of countermeasures if the tariffs were not revoked. The European Union also pledged united opposition.

In this context, the Sri Lankan government promptly initiated negotiations with the U.S. Trade Representative to seek revised agreements. Sri Lanka remained hopeful, and on July 12, the United States formally notified Sri Lanka of a new tariff proposal reducing the rate to 30%. It was subsequently agreed that Sri Lanka would continue discussions with the USTR to further reduce this rate.

Accordingly, today’s virtual discussions will be chaired by the Secretary to the Ministry of Finance, with participation from relevant officials.”