US Reduces Tariffs on Sri Lankan Imports to 20%

COLOMBO (News 1st) - The United States has announced a reduction in tariffs on goods imported from Sri Lanka to 20 percent.

The White House confirmed that President Donald Trump signed the relevant executive order, which also includes tariff revisions for 40 other countries. 

The order will take effect on August 7, seven days after its signing.

In April, the US imposed a 44 percent tariff on Sri Lanka. 

Subsequent negotiations with the US Trade Representative saw the rate reduced to 30 percent. 

Following several recent rounds of discussions, Sri Lanka successfully secured a further reduction, bringing the tariff rate down to 20 percent.