Sri Lankan Exporters Challenge Proposed US Tariff Hike

Sri Lankan exporters warn that a proposed 30% US tariff on goods could impact critical sectors like apparel and rubber. The Exporters Association of Sri Lanka calls for urgent government negotiations and suggests exploring other markets to mitigate potential economic fallout.

Sri Lankan exporters are voicing their concerns over a proposed 30% tariff on the country's goods entering the US, saying it could significantly harm key sectors such as apparel and rubber products.

The Exporters Association of Sri Lanka (EASL) has issued a statement urging the government to intensify its negotiations with the US ahead of the August 1 deadline.

While acknowledging the efforts of Sri Lankan trade representatives, the EASL emphasized the need for more urgency, noting that countries like Vietnam and India face lower tariffs of 20% and 26%, respectively. The association considers the proposed rate unsustainable and believes it would disadvantage Sri Lankan exports in the global market.

In response, the EASL is urging authorities to explore new international markets and diversify export destinations to shield the economy from potential external shocks.

(With inputs from agencies.)