US Tariff Cut: Treasury Secretary Calls It a Strategic Win

COLOMBO (News 1st); Following the announcement that the United States has reduced its reciprocal tariff on Sri Lankan exports to 20%, Dr. Harshana Suriyapperuma, Secretary to the Treasury, emphasized the strategic importance of the achievement and the collaborative effort that led to the breakthrough.

Speaking on behalf of the Ministry of Finance and Planning, Dr. Suriyapperuma stated that the government’s objective was clear from the outset: to secure a competitive advantage for Sri Lanka in international trade. “We were very focused on what we needed,” he said. “And we were blessed with the support we received from our U.S. counterparts, who extended understanding and assistance throughout the discussions.”

He noted that the U.S. had shown particular sensitivity to Sri Lanka’s economic situation, recognizing the country’s ongoing recovery under an IMF-supported program. The negotiations involved multiple U.S. agencies and local offices, and Sri Lanka was given a dedicated platform to present its case despite competing interests from numerous other nations.

“This has brought about a real opportunity for Sri Lanka,” Dr. Suriyapperuma added. “It’s not a single destination—it’s a journey. We continue to engage with our counterparts, and our export basket is expanding to reach the next level.”

He also highlighted the positive economic impact of the tariff reduction, noting that exporters are now able to bring in more U.S. dollars, directly contributing to the country’s foreign reserves. “The present administration has shown, through action, that we can meet revenue targets consistently,” he said. “With zero tolerance for corruption, we are creating a level playing field for international investors.”