U.S. reciprocal tariff unexpected shock to govt.’s $ 3Bn export revenue increase : Handunnetti

• US calculation on the tariff with regard to Sri Lanka is unfair
• We cannot bear this right now

By Ajith Siriwardana   

Claiming that the government’s target of increasing the  country’s export revenue by US $ 3 billion will be negatively affected  by the US reciprocal tariff, Industries Minister Sunil Handunnetti  said yesterday it is an unexpected shock.   

He told reporters that the US calculation on the tariff with  regard to Sri Lanka is unfair, adding that the trade deficit between the  two countries has been divided by two and imposed 44 per cent on Sri  Lanka.   

“It is an unexpected shock. We have a target of reaching to  USD 3 billion in export revenue this year. The new tariff is a shock in  achieving the target. It is unfair of the calculation of 44 per cent.  They have divided the trade deficit by two. It is true we have a trade  surplus. It is unreasonable to impose 44 per cent on us,” he said.   

The Minister said there is no political reason for the US  to impose tariffs on Sri Lanka and that it may be their political  decision.   

“There is no political reason for the US to do this. It may  be their political decision. We hope to discuss with the US. We cannot  bear this right now. The share of apparel exports to the US is 23 per  cent. We have a chance to make an appeal. We are optimistic that we can  resolve this,” he said.