20% U.S. Duty Reduction a Collective Victory: Secretary of Finance

04-Aug-2025

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Dr. Harsha Suriyaperuma, Secretary to the Ministry of Finance, described the 20% safeguard duty on Sri Lankan exports to the U.S. as a success achieved through collective effort. He emphasized Sri Lanka’s commitment to international obligations and enhancing global competitiveness.

Efforts will be made to reduce production costs through improved market access and technology use, especially in the apparel sector.

Speaking at a press briefing on August 1, he said the duty reduction indicates a positive trend for Sri Lanka's trade economy.

A task force appointed by President Anura Kumara Dissanayake investigated the impact of the original 44% tariff and sought solutions.

The secretary also stressed that Sri Lanka’s trade operations will remain transparent and accountable, and future negotiations will target both domestic market opportunities and sustainable long-term agreements in energy and manufacturing.

Although the 20% tariff is unlikely to significantly affect Sri Lanka under Most-Favored-Nation (MFN) terms, talks will be held with domestic producers to address localized impacts.