Overview

• Washington sent formal notices on July 9 establishing a 30% duty on all Sri Lankan goods entering the US starting August 1.
• Finance Ministry Secretary Harshana Suriyapperuma and Central Bank Governor Nandalal Weerasinghe said they will engage stakeholders to negotiate better tariff terms.
• Opposition leader Sajith Premadasa condemned the agreed rate as "the price we pay for poor negotiations."
• Analysts warn the levies could threaten around 50,000 export-sector jobs and erode Sri Lanka’s annual US export revenue of about $3 billion.
• Sri Lanka’s 30% rate represents the sharpest reduction from the 44% initially proposed, compared with Vietnam’s 20% levy secured through reciprocal concessions and Indonesia and Thailand’s 32% and 36% duties.