The 44 per cent new import tariff imposed by the US on Sri Lankan products is unbearable and quite a shock, said industries minister Sunil Handunnetti.
Speaking to journalists, the minister said it comes at a time when the economy was stabilizing and local industries, especially the export sector, having a target of three billion revenue increase this year.
The US calculation is unreasonable, because it has been done by dividing the trade deficit between the two countries.
The US has no political reason to do so, and we intend to have negotiations about it, he said.
Noting that the US people have considerable consumer habits, he said their middle class will find it intolerable because not many of them are rich like president Trump.
However, in response to a question from a journalist during a press conference held in Colombo yesterday regarding the new US tariff policy, Minister Handunnetti said that the 44% tariff imposed on Sri Lanka’s exports does not pose a threat to the country at this time.
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