Little cause for celebration on new tariff announcement: Ali Sabry

1 August 2025 11:12 am Views - {{hitsCtrl.values.hits}} 26 Bookmark

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Colombo, August 1 (Daily Mirror) - There is little cause for celebration despite the new tariff structure announced by the Trump administration, former Finance Minister Ali Sabry said.

He said in a post on X that given the new tariff structure announced by the Trump administration, there is little cause for celebration, but equally, we have not been unduly penalised either. Compared to regional competitors such as Bangladesh, Cambodia, Vietnam, Indonesia, India and China, Sri Lanka has managed to remain relatively level in this difficult environment.

"There are uncertain times for global trade. While there are no real winners in a tariff war, what matters most is not being placed in a significantly disadvantageous position relative to your competitors, especially in sectors like apparel, rubber products, gems and jewelry and tea, which form the backbone of our exports to the U.S," he said.

This is a credit to the tireless efforts of all those involved in the negotiations. I extend my sincere thanks to everyone who played a part. Let us continue to stay engaged and strategic. We must ensure Sri Lanka’s interests are safeguarded in the evolving global landscape. Let us hope that reason and cooperation will ultimately prevail. Until then, we stay the course with resilience and determination," he said.