CNCI urges govt. to take immediate steps on US tariff

The Ceylon National Chamber of Industries (CNCI), issuing a statement, urged the government to take immediate steps on the US tariff.  

Stating that the 44 percent ad valorem tariff Sri Lanka has been assigned on its exports to the US one of the highest rates among all countries targeted, the CNCI expressed that this move has created a serious threat to the country’s export competitiveness, employment and overall economic stability. 

“Sri Lanka’s economy relies on a few key export sectors, notably apparel and textiles, tea and agricultural products, rubber-based goods  and shipping/logistics services. All of these will feel the impact of the 44 percent tariff,” the CNCI said. 

“In short, any manufacturing export not explicitly exempt is now harder to sell in the US market. This may slow down Sri Lanka’s efforts to diversify exports beyond garments significant challenges for the industry.”

It added that most of the CNCI members have expressed concerns about the future impacts on their businesses, due to this tariff.   

The statement further said, “As the leading chamber representing Sri Lanka’s industries, the CNCI believes that the government will engage with the relevant authorities and stakeholders to explore possible solutions. 

The leadership of the government is vital at this juncture in advocating for policies that support industrial growth and sustainability in helping the local industry sector to navigate this challenge. The CNCI is ready to collaborate and provide any necessary assistance or insights to support the government efforts.”