Sri Lankan exports to US face 10% tariff from today
Sri Lanka is among 60 trading partners facing a new round of U.S. import tariffs, with a 10% levy on Sri Lankan goods entering the United States set to take effect today.
The tariffs, ranging from 10% to 12.5%, are being imposed by U.S. President Donald Trump’s administration as part of measures targeting what it describes as shortcomings in the enforcement of prohibitions on goods produced using forced labour.
According to a notice issued by the Office of the U.S. Trade Representative (USTR), Sri Lanka is among 17 trading partners that will be subject to the lower 10% tariff rate. Others include India, Pakistan, Bangladesh, Canada, Mexico, Malaysia, Indonesia and the United Kingdom.
U.S. Trade Representative Jamieson Greer said the countries placed under the 10% rate had made commitments to adopt and effectively enforce prohibitions on imports linked to forced labour. Products from the European Union and Taiwan will also face a 10% tariff.
Meanwhile, imports from another 41 trading partners will be subject to a higher 12.5% tariff. These include China, Japan, Australia, Brazil, Singapore, South Korea, Thailand, Vietnam, Saudi Arabia and the United Arab Emirates.
The Trump administration said those countries had failed to adopt forced-labour import prohibitions considered adequate by Washington.
The measures follow an investigation initiated under Section 301 of the U.S. Trade Act of 1974, which allows the administration to impose trade measures in response to practices it considers unfair or harmful to U.S. commerce.
The affected trading partners collectively account for about 99% of U.S. imports, although a series of exemptions is expected to reduce the overall impact of the tariffs.
The new duties come as a temporary 10% global tariff imposed by Trump earlier this year is due to expire. That tariff was introduced following a U.S. Supreme Court ruling that struck down earlier sweeping duties imposed by the administration.
The new tariffs are also expected to increase costs for some U.S. importers, with at least part of the additional burden potentially being passed on to consumers through higher prices.
Source: Asian Mirror
