<p>Colombo: The US has announced a 20 per cent tariff on Sri Lankan exports, marking a 24 per cent reduction from the initial rate proposed for the island nation.</p>.<p>The tariffs will go into effect on August 7.</p>.<p>Responding to the tariffs, top government negotiator Harshana Suriyapperuma said on Thursday that the levies place Sri Lanka on "level ground" with its competitors.</p>.<p>“We are on level ground with our competitors, so we must see how we should work further to gain advantage of this," Suriyapperuma said, adding that the government hopes to consult the nation's entrepreneurs and businesses on it.</p>.US duty can severely impact India's exports: GTRI .<p>He said the new trade tariff should open opportunities for Sri Lanka in other areas such as technology transfer and investment.</p>.<p>The new rate of 20 per cent has placed Sri Lanka on par with key competitors in the garments export industry such as Bangladesh and Vietnam.</p>.<p>In April, US President Donald Trump slapped a 44 per cent tariff on Sri Lankan goods, half of the 88 per cent duty Colombo had levied on US imports.</p>.<p>The rate was then reduced to 30 per cent last month. As the deadline for tariff negotiations ends on Friday, Sri Lankan officials were continuing talks to seek a further reduction.</p>.<p>The Sri Lankan export industry was hoping for a tariff rate lower than 20 per cent, for it to remain competitive.</p>.<p>Sri Lanka’s annual volume of exports, mostly garments and rubber goods, fetched $3 billion, while imports from the US amounted to $3 million in 2024.</p>
<p>Colombo: The US has announced a 20 per cent tariff on Sri Lankan exports, marking a 24 per cent reduction from the initial rate proposed for the island nation.</p>.<p>The tariffs will go into effect on August 7.</p>.<p>Responding to the tariffs, top government negotiator Harshana Suriyapperuma said on Thursday that the levies place Sri Lanka on "level ground" with its competitors.</p>.<p>“We are on level ground with our competitors, so we must see how we should work further to gain advantage of this," Suriyapperuma said, adding that the government hopes to consult the nation's entrepreneurs and businesses on it.</p>.US duty can severely impact India's exports: GTRI .<p>He said the new trade tariff should open opportunities for Sri Lanka in other areas such as technology transfer and investment.</p>.<p>The new rate of 20 per cent has placed Sri Lanka on par with key competitors in the garments export industry such as Bangladesh and Vietnam.</p>.<p>In April, US President Donald Trump slapped a 44 per cent tariff on Sri Lankan goods, half of the 88 per cent duty Colombo had levied on US imports.</p>.<p>The rate was then reduced to 30 per cent last month. As the deadline for tariff negotiations ends on Friday, Sri Lankan officials were continuing talks to seek a further reduction.</p>.<p>The Sri Lankan export industry was hoping for a tariff rate lower than 20 per cent, for it to remain competitive.</p>.<p>Sri Lanka’s annual volume of exports, mostly garments and rubber goods, fetched $3 billion, while imports from the US amounted to $3 million in 2024.</p>