Sri Lanka Confident as U.S. Tariff Deadline Looms

COLOMBO (News 1st); Deputy Minister of Economic Development, Dr. Anil Jayantha, addressed Parliament today (8) regarding the United States’ reciprocal tariff measures and Sri Lanka’s position in ongoing trade negotiations.

He clarified that the U.S. has already listed 12 countries this morning, with 14 nations in total identified as having significant trade imbalances with the United States. These countries are reportedly not part of successful bilateral trade agreements, which has led to the imposition of steep tariff rates.

He emphasized that these rates are valid only until August 1, after which they may be revised unless bilateral agreements are reached. Dr. Fernando expressed confidence in Sri Lanka’s ongoing negotiations with the U.S., noting that formal details will be shared once an agreement is signed.

He further stated that the proposed agreement would be highly beneficial to Sri Lankan manufacturers, the national economy, and the working public, and reiterated the government’s commitment to securing favorable terms.