The new government is taking steps to reduce Sri Lanka’s trade deficit with the United States following reciprocal tariffs imposed by US President Donald Trump, Deputy Minister of Economic Development Anil Jayantha Fernando announced in Parliament today.
Responding to a question from New Democratic Front (NDF) Parliamentarian Ravi Karunanayake, Deputy Minister Fernando revealed that over the past five years, the trade deficit with the US stands at 88 per cent.
He noted that apparel, food, and three other categories account for 85 per cent of Sri Lanka’s exports to the US. These products are already subject to tariffs and para-tariffs, but the new levies introduced by the Trump administration are reportedly based on trade deficits between the US and its trading partners.
Fernando defended the government’s response, stating that both proactive and reactive measures were taken to mitigate the negative effects of the tariffs on local businesses.
He also confirmed that further discussions will take place tonight with the Office of the US Trade Representative. Additionally, he said President Anura Kumara Dissanayake has sent a formal letter to President Trump regarding the matter, and that an acknowledgment has been received.
