Articles tagged with “tradesurplus”

A Sri Lankan delegation will travel to Washington to negotiate the reduction of a 44 percent reciprocal tariff imposed by the U.S. on April 22, according to Labour Minister Anil Jayantha. The team will meet with U.S. Trade Representative officials to discuss lowering tariffs and boosting imports to address the trade surplus with America, said Deputy Economic Development Minister Fernando. Previous virtual discussions were held with U.S. officials, including Assistant Trade Representative Brendan Lynch and South Asia Office Director Emily Ashby. Currently, a 10 percent import tax imposed under former President Trump remains in effect as the U.S. pressures hightariff trading partners to reduce barriers. The U.S. and Europe face economic strain from inflation and political unrest linked to monetary policies, including stimulus measures and low interest rates. Rising nationalism and social discontent have been attributed to these economic challenges, which also influenced political shifts, including Trump's election. Meanwhile, Sri Lanka's economic team will attend IMF and World Bank meetings in Washington. A new stafflevel agreement for the next IMF program review has been delayed due to uncertainty over economic projections following the U.S. tariff measures.