US President Donald Trump has taken steps to impose a 44% tariff on goods imported from Sri Lanka.
The tariff rate, announced on April 02, will be implemented from tomorrow (05). Donald Trump has imposed new tariffs on more than 60 items, with Sri Lanka among the five countries that have imposed the highest tariffs.
President Donald Trump says that the aim of imposing these new tariffs is to control the US trade imbalance and encourage American industries.
Sri Lanka had imposed an 88% tariff on goods imported from the US, and in response, the US has announced a 44% tariff on goods imported from Sri Lanka. Previously, a 12.2% tax was levied on goods imported from Sri Lanka.
The United States is a major buyer of garments from Sri Lanka. Sri Lanka has enjoyed a very favorable trade balance in trade with the United States.
