Articles tagged with “economicimpact”

Sri Lanka's talks with the U.S. to lower a 44 percent reciprocal tariff have shown progress, with both nations expected to release a joint statement soon. President Anura Kumara Dissanayake confirmed the discussions were productive during an election rally in Rathnapura on Wednesday. A Sri Lankan delegation is currently in Washington negotiating with U.S. trade officials to ease tariffs and boost imports, aiming to reduce the trade surplus with America. Deputy Minister of Economic Development Anil Jayantha stated the talks focused on improving trade conditions. President Dissanayake emphasized the potential risks to Sri Lanka's garment exports if the high tariffs remain. He expressed optimism that 2025 could become a record year for exports if the issue is resolved. Experts warn that maintaining the 44 percent tariff could severely harm Sri Lanka's economy, possibly forcing several garment factories to shut down. The government is working to prevent such economic fallout through diplomatic negotiations.