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Sri Lanka to hold tariff talks in Washington April 22
Saturday April 19, 2025 4:54 AM
A high level delegation from Sri Lanka will travel to Washington to discuss easing a 44 percent reciprocal tariff imposed by the United States on April 22. Labour Minister Anil Jayantha confirmed the upcoming talks, which aim to address trade imbalances and boost Sri Lankan exports to the American market.
The team, which includes officials from the Ministry of Economic Development, will engage with the US Trade Representative to negotiate lower tariffs and expand import opportunities. Deputy Minister of Economic Development Fernando stated that the discussions seek to reduce Sri Lanka's trade surplus with the US while fostering stronger bilateral economic ties.
Earlier this year, Sri Lankan officials held virtual meetings with Brendan Lynch, Assistant US Trade Representative for South and Central Asia, and Emily Ashby, Director of the South Asia Office of the Trade Representative. These preliminary discussions laid the groundwork for the upcoming in person negotiations.
The current 10 percent import tax, implemented under former President Donald Trump as a revenue raising measure, remains in effect. The US has been pushing trading partners with high tariffs to lower their rates, citing the need for fairer trade practices.
The global economic landscape has been further complicated by fiscal challenges in the US and Europe, where budgets have been strained by the aftermath of the housing bubble crisis. Analysts attribute the instability to aggressive monetary policies by the Federal Reserve, which sought to counteract falling retail prices during a productivity surge. Subsequent stimulus measures have led to inflationary pressures not seen since the early 1980s.
Rising inflation has fueled political and social unrest in several Western nations, contributing to a resurgence of nationalist movements. The economic turmoil also played a role in Trump's election, as voters sought alternatives to policies they believed had failed.
Meanwhile, Sri Lanka's economic team is also scheduled to attend the International Monetary Fund (IMF) and World Bank meetings in Washington. The island nation's latest staff level agreement with the IMF has faced delays due to uncertainties surrounding economic projections following the imposition of US tariffs.
The Sri Lankan government remains hopeful that the Washington talks will lead to a mutually beneficial resolution, easing trade restrictions and supporting the country's economic recovery efforts. Officials have emphasized the importance of maintaining strong international partnerships amid global financial instability.
Further updates are expected as the delegation prepares for its critical meetings with US trade representatives and global financial institutions. The outcome of these discussions could have significant implications for Sri Lanka's trade policies and economic trajectory in the coming months.
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