Trade fear: Sri Lankan exporters flag 30% proposed US tariff; Apparel, rubber sectors may take hit

Sri Lankan exporters have expressed concern over a proposed 30 per cent tariff on items coming into the US, warning that the hike may severely impression key export sectors together with attire and rubber merchandise.The Exporters Association of Sri Lanka (EASL) on Friday urged the federal government to step up negotiations with Washington forward of the August 1 deadline, PTI reported. In a press release, the group acknowledged ongoing efforts by Sri Lankan commerce representatives however mentioned larger urgency and willpower had been wanted to guard the nation’s export competitiveness.EASL famous that competitor nations resembling Vietnam and India confronted decrease tariffs of 20 per cent and 26 per cent, respectively, underneath the revised US tariff framework. It referred to as the proposed 30 per cent responsibility charge “unsustainable” and mentioned it could put Sri Lankan exporters at a drawback in world markets.To mitigate the potential fallout, the affiliation additionally suggested authorities to discover new worldwide markets and diversify export locations to defend the financial system from future exterior commerce shocks.