The Ministry of Finance says that the 20% tariffs imposed by the US on Sri Lanka will be effective from today (07).
The US announced a 44% tariff on Sri Lanka on April 2.
Subsequently, the government held discussions with the US Trade Representative to ease the rates and was able to reduce the tax rate to 30%.
As a result, the government held several rounds of discussions in recent days to reduce the tax rate and the tariff rate imposed by the US on Sri Lanka was reduced to 20%.
Meanwhile, the Export Development Board stated that it has now identified emerging opportunities in European, Asian and other international markets to diversify the export market in the face of US tariffs.
Its Chairman Mangala Wijesinghe stated that discussions were held with export sector representatives to address the impact of US tariffs.
Exporters were informed about the government’s financial strategy to support exporters affected by the challenging period.