Former President Ranil Wickremesinghe stated the new tariffs imposed by the United States and its impact on the Sri Lankan economy. He highlighted the potential trade war between the US and China, emphasizing the vulnerability of small economies like Sri Lanka in the face of such global economic shifts.
Wickremesinghe warned that the tariffs will hinder Sri Lankan exports, leading to factory closures and significant job losses. He also predicted a widening trade deficit and potential political unrest due to the deteriorating economic conditions.
The former President proposed several countermeasures, including the immediate implementation of the National Tariff Policy and the acceleration of discussions with the European Union for a GSP Plus agreement. He also stressed the importance of finalizing the ECTA agreement with India and implementing the Thailand-Sri Lanka Free Trade Agreement.
Meanwhile, SJB MP Harsha de Silva suggested that Sri Lanka should join the Regional Comprehensive Economic Partnership (RCEP) to overcome the challenges posed by the US tariffs. He emphasized the need for a change in attitude and highlighted the potential benefits of joining this large economic bloc.
Opposition Leader Sajith Premadasa also expressed concerns about the negative impact of the US tariffs on Sri Lanka’s exports, particularly the apparel sector. He warned of potential job losses and a decline in economic growth due to the tariffs.
