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Message: <blockquote data-quote="NiyamaSinhalaya" data-source="post: 30633842" data-attributes="member: 113555">US President Donald Trump announces that universal 10% tariffs on all imports into the U.S. will go into effect on April 5, with higher rates for some other countries: Sri Lanka at 44%, Vietnam 46%, China 34%, EU 20% , India at 26%, Philippines at 17%, and Singapore at 10%.In 2024, the United States imported goods from Sri Lanka totaling approximately $3.0 billion, marking a 6.1% increase from the previous year. Top Imports from Sri Lanka to the United States:<ol> <li data-xf-list-type="ol">Apparel: Sri Lanka's apparel industry is a significant contributor to its export economy. In 2021, apparel exports to the U.S. were valued at $2.08 billion. </li> <li data-xf-list-type="ol">Precious Stones: Imports of precious stones from Sri Lanka amounted to $59 million in January 2025. </li> <li data-xf-list-type="ol">Women's Undergarments: Knit women's undergarments and other women's undergarments are among Sri Lanka's key exports to the U.S., with values of $230 million and $225 million, respectively, in 2024. </li> <li data-xf-list-type="ol">Rubber Finished Products: In 2021, exports of rubber finished products to the U.S. were valued at $316.87 million, reflecting a growth rate of 7.42%. </li> <li data-xf-list-type="ol">Coconut Kernel Products: Exports of coconut kernel products to the U.S. reached $81 million in 2021, with a year-on-year growth of 13.89%. </li> <li data-xf-list-type="ol">Transport Equipment & Parts: Exports in this category increased to $63.1 million in 2021, showing a significant growth rate of 39.16%. </li> <li data-xf-list-type="ol">Coconut Shell Products: Exports of coconut shell products to the U.S. were valued at $44.95 million in 2021, with an 18.13% growth rate. </li> <li data-xf-list-type="ol">Nails, Screws, Bolts & Nuts of Metal: Exports in this category amounted to $40.87 million in 2021, reflecting a 13.01% growth rate. </li> <li data-xf-list-type="ol">Electrical & Electronic Products: Sri Lanka exports a variety of electrical and electronic products to the U.S., contributing to its export revenue. </li> <li data-xf-list-type="ol">Gems and Cinnamon: Sri Lanka is known for exporting high-quality gems and cinnamon to the U.S., adding to the diversity of its exports</li> </ol>With these new tariffs, Sri Lankan exporters will suffer a blow to their products. This will directly impact of Sri Lankan economy and its GDP.The reconciliation efforts and the IMF program will suffer a blow, and further new taxes might be imposed on the public to tally the deficit. Anura's government needs to engage with the US to find out other means to reduce the tariff or get other benefits to setoff. <img src="https://www.usatoday.com/gcdn/authoring/authoring-images/2025/02/12/USAT/78479912007-2198558286.jpg?crop=5999,3375,x0,y312&width=660&height=371&format=pjpg&auto=webp" alt="" class="fr-fic fr-dii fr-draggable " style="" /><img src="https://i1.wp.com/www.colombotelegraph.com/wp-content/uploads/2017/11/Anura-Kumara-1.jpg?ssl=1" alt="" class="fr-fic fr-dii fr-draggable " style="width: 301px" /></blockquote>

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