News
Lanka seeks US plans to defuse tariff crisis
View(s):- During talks with US trade chief, Govt. delegation pledges to import more US goods, revise tariffs
By Damith Wickremasekera
Sri Lanka has sought proposals from the United States to be considered to resolve trade issues following the new tariffs imposed by the Trump administration while agreeing to import LNG, petroleum products and vehicles.
The move came while placing Sri Lanka’s own proposals this week during talks with the US Trade Department officials.
Sri Lanka’s delegation has decided to stay on for the next weeks in Washington, expecting to reach a policy agreement between the two sides. “If necessary, we will extend the stay,” a source said.
“We expressed our willingness to buy more goods from the US, including LNG, petroleum products, and vehicles, and also asked for proposals from the other side to see how we can overcome this situation,” a senior Finance Ministry official said.
Sri Lanka also expressed willingness to revise tariffs and reduce the trade surplus in its favour.
Discussions were held in Washington with US trade representatives to strike a deal to ease the 44 percent ‘reciprocal’ tariff imposed on the country. Senior officials said all cards were on the table in talks with US officials as the country was keen to avoid the imposition of the 44% tariff, which would have an adverse impact on the economy and hit the garment industry the hardest.
The Sri Lanka delegation held talks with US Trade Representative Jamieson Greer and his team on Tuesday. During the talks, both sides expressed the desire to finalise a bilateral trade agreement in the shortest possible time period.
“We are the only South Asian country apart from India to reach a conceptual agreement with the US on the tariff issue,” Foreign Minister Vijitha Herath said.
Finance and Planning Deputy Minister Harshana Suriyapperuma, Central Bank Governor Nandalal Weerasinghe and Finance Minister Secretary Mahinda Siriwardena were part of the Sri Lankan delegation.
The best way to say that you found the home of your dreams is by finding it on Hitad.lk. We have listings for apartments for sale or rent in Sri Lanka, no matter what locale you're looking for! Whether you live in Colombo, Galle, Kandy, Matara, Jaffna and more - we've got them all!