Deputy Minister of Finance and Planning Dr. Harshana Suriyapperuma informed Parliament yesterday (8) that Sri Lanka has been invited to the next phase of negotiations with the United States concerning tariffs imposed on exports.
The Minister stated that the progress in the discussions has been satisfactory, attributing it to Sri Lanka's ability to engage in timely dialogues with the United States.
On April 2, US President Donald Trump announced reciprocal tariffs targeting 180 of the United States' trading partners, which included a 44% tariff on Sri Lanka's exports to the US.
However, these tariffs were subsequently suspended for 90 days, excluding China, to allow for negotiations aimed at reaching a more favourable agreement.
Historically, the United States has been Sri Lanka's most significant export market, absorbing 23% of the country's total merchandise exports in 2024.
Sri Lanka's exports to the United States in 2024 were valued at USD 2.88 billion, and the apparel sector constituted a substantial 70% of these exports.
In the same year, Sri Lanka imported goods worth USD 368.2 million from the United States.
Minister Suriyapperuma highlighted that President Anura Kumara Dissanayake had communicated with the US President through an exchange of letters, outlining the efforts being undertaken by Sri Lanka and the country's aspirations for engaging in tariff and non-tariff negotiations with the United States.
The Minister further elaborated that Sri Lanka has successfully concluded two rounds of physical discussions with the Office of the United States Trade Representative.
The Minister stated that the progress in the discussions has been satisfactory, attributing it to Sri Lanka's ability to engage in timely dialogues with the United States.
On April 2, US President Donald Trump announced reciprocal tariffs targeting 180 of the United States' trading partners, which included a 44% tariff on Sri Lanka's exports to the US.
However, these tariffs were subsequently suspended for 90 days, excluding China, to allow for negotiations aimed at reaching a more favourable agreement.
Historically, the United States has been Sri Lanka's most significant export market, absorbing 23% of the country's total merchandise exports in 2024.
Sri Lanka's exports to the United States in 2024 were valued at USD 2.88 billion, and the apparel sector constituted a substantial 70% of these exports.
In the same year, Sri Lanka imported goods worth USD 368.2 million from the United States.
Minister Suriyapperuma highlighted that President Anura Kumara Dissanayake had communicated with the US President through an exchange of letters, outlining the efforts being undertaken by Sri Lanka and the country's aspirations for engaging in tariff and non-tariff negotiations with the United States.
The Minister further elaborated that Sri Lanka has successfully concluded two rounds of physical discussions with the Office of the United States Trade Representative.
Following this progress, Sri Lanka has received an invitation for the next round of discussions, which is currently awaiting cabinet approval.
