Sri Lanka Subject to 10% US Import Tariff Under New Trade Policy
The United States has imposed a 10% import tariff on goods from Sri Lanka under its new tariff policy, which came into effect on Friday (24), according to the Office of the United States Trade Representative (USTR).
Under the new policy, Sri Lanka is among 17 countries subject to a 10% tariff rate. Meanwhile, several competing export markets, including China, Vietnam, South Korea, Singapore and the United Arab Emirates, face a higher import tariff of 12.5%.
The lower tariff rate is expected to provide Sri Lanka with a relative competitive advantage in the US market compared to countries facing higher duties.
According to international media reports, Sri Lanka qualified for the lower tariff rate after taking steps to strengthen measures against the import of goods produced using forced labour, in line with the requirements outlined by the United States.
