Ceylon Chamber calls for united front to tackle US tariff impact

The Ceylon Chamber of Commerce (CCC) yesterday urged all stakeholders to collaborate in ensuring that Sri Lanka’s trade interests are safeguarded while actively pursuing diplomatic and policy-driven solutions to sustain and strengthen its export sector.

While expressing deep concern over the imposition of a 44 percent tariff on Sri Lankan exports to the United States, the CCC said it remains committed to working closely with the government to develop a coordinated and strategic response to mitigate the potential economic impact of these tariffs. 

With the US accounting for approximately US$ 3 billion in exports and 25 percent of Sri Lanka’s total merchandise export, this development poses a significant challenge to the country’s trade and economic stability, the Chamber acknowledged.

It added that broader global trade disruptions could slow economic growth, affecting overall demand in key export markets such as the US and the EU. 

“We appreciate the President setting up a committee to evaluate the impact of the US tariffs and provide solutions to mitigate potential risks to the export sector. Since we are halfway through the IMF Extended Fund Facility programme and navigating a tight fiscal space, it is vital that Sri Lanka is able to negotiate down from the high tariff band. 

“It is an opportune moment for the government to relook at its tariff structure and implement measures that will improve trade facilitation and improve the ease of doing business,” the CCC said.