Minister says US tariffs a blow to Sri Lanka’s export goals

Referring to the United States’ recent decision to impose reciprocal tariffs on Sri Lankan goods, Minister of Industry and Entrepreneurship Development Sunil Handunneththi voiced strong concern, describing the move as both unexpected and damaging to the country’s economic ambitions.

 

Speaking to media, he said “This is actually a big shock and something that we expected

 

As such, he warned that the new tariffs could derail the government’s target of increasing exports by $3 billion.

 

Handunneththi also criticized the methodology used to determine the tariff rate, calling the 44 percent figure “unfair.” He claimed the calculation—based on halving the trade deficit between the two countries—places an undue burden on Sri Lanka.

 

“The US has no political reason to do this to us,” he said, expressing frustration over the timing of the move. “We were just starting to stabilize. It will be difficult to bear at this time for Sri Lanka.”

 

Further,  the Minister referenced the trade policies of former U.S. President Donald Trump, arguing that such strategies may not be viable in the long run. “President Trump’s plan may not be feasible in the long run, considering the consumption patterns of the country,” he said.