We Will Submit Proposals to the United States for Amending the Tariff: Secretary to the Ministry of Finance

12-Jul-2025

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We will examine the tariff rates imposed on Asian regional countries and submit proposals to the United States to amend the currently imposed 30% reciprocal tariff. 

Should the 30% tariff be implemented, the Ministry and relevant agencies will take appropriate measures at institutional level to manage the resulting impact, stated Dr. Harsha Suriyapperuma, Secretary to the Ministry of Finance.

He made these comments on July 10 at a press conference held at the Department of Government Information.

Participating in this special media briefing were Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, Duminda Hulugalla, Senior Advisor to the President, and Vimalendraraja, Secretary to the Ministry of Trade.

Regarding the revised reciprocal tariff announced by the United States, Dr. Suriyapperuma noted, while implementing the conditions agreed under the IMF’s Extended Fund Facility, the United States recently imposed a 44% reciprocal tariff on Sri Lanka. If this tariff were enforced, it would severely damage Sri Lanka’s export economy and significantly affect domestic industries and employment.

We engaged in continuous bilateral discussions with U.S. representatives regarding this tariff. As a result, the U.S. President has officially announced a reduction to 30%. This 14% reduction is a positive development.

In our negotiations, we considered all sectors rather than focusing on any single industry. The 30% reciprocal tariff is scheduled to come into effect on August 1.

We will study the tariff rates imposed on Asian countries and submit proposals to amend the newly announced 30% rate. 

The new U.S. reciprocal tariff will directly impact Sri Lanka’s apparel production. Notably, apparel exports will be subject to tariffs in two different categories. Therefore, we will consult all industries and prepare a proposal for revision.

It is important for those leveling accusations to understand that the United States has not targeted Sri Lanka alone. The tariff has been imposed based on global factors. Therefore, we must address this challenge in a unified manner.

If the 30% tariff is implemented, the Ministry and relevant institutions will take necessary measures to manage the consequences. We extend our gratitude to all stakeholders who have cooperated to find the best possible solution to this crisis, he said.