The federal government must supply urgent relief to exporters on the backdrop of the reciprocal tariffs imposed by United States President Donald Trump, according to the Chairman of the Committee on Public Finance, Parliamentarian Harsha de Silva.MP de Silva while acknowledging the intricacies that might occur following the statement prompted the government to introduce immediate relief measures up until the matter is resolved.
He also prompted the government to suspend next weeks scheduled modification of the Simplified Value Added Tax (SVAT) elimination for exporters.Despite being a key figure of the opposition, MP Harsha de Silva offered to assist the incumbent federal government led by President Anura Kumara Dissanayake to assist figure out a way forward.On Wednesday, US President Donald Trump announced a sweeping set of reciprocal tariffs, imposing a standard 10 percent tax on all imports and substantially greater rates on dozens of nations with which the United States runs trade deficits.
Sri Lanka is facing one of the steepest tariffs amongst countries amounting 44 per cent.Following the statement, President Anura Kumara Dissanayake selected a committee to conduct an extensive research study on potential concerns that may develop due to the new mutual tariff system and to send recommendations to the government.The committee consists of crucial economic policymakers and industry specialists, consisting of the Secretary to the Ministry of Finance, the Governor of the Central Bank of Sri Lanka, the Chairman of the Board of Investment (BOI), the Chairman of the Export Development Board (EDB), and the Director General of Economic Affairs at the Ministry of Foreign Affairs.Additionally, Senior Economic Advisor to the President Duminda Hulangamuwa, Chief Economic Policy Advisor of the Ceylon Chamber of Commerce Shiran Fernando, and company figures Ashroff Omar, Sharad Amalean, and Saif Jafferjee have likewise been selected to the committee.The Presidents Media Division said the initiative intends to examine obstacles occurring from the US tariff adjustments and propose strategic steps to mitigate any unfavorable impacts on Sri Lankas economy and trade.The committee is expected to send its findings and suggestions to the federal government in the coming weeks.Moreover, Minister of Labour and Deputy Minister of Economic Development Dr.
Anil Jayantha Fernando stated Sri Lanka will hold talks and work out the new trade tariffs imposed by the United States on the countrys exports before April 09.
Issuing an explanation on the 44 per cent trade tariffs troubled Sri Lanka as part of US President Donald Trumps choice to enforce reciprocal tariffs with a baseline 10 per cent tax on all imports and substantially higher rates on dozens of nations, the Minister stated that the government had prior knowledge of the circumstance, but awaited the US policy choice before acting.