US trade team to visit Sri Lanka this month for tariff talks: Report

ANKARA

A US trade team will visit the island nation of Sri Lanka by the middle of this month for talks on the implementation of new higher tariffs imposed by President Donald Trump, local media reports said Thursday.

The US has imposed 20% tariff on imports from the South Asian country, which is the same or similar to that of its neighbors Bangladesh and Vietnam.

Washington had initially announced a 44% levy on goods from Sri Lanka.

The US team will look into technical aspects of tariff implementation, local English newspaper Daily Mirror reported, citing a government source familiar with the matter.

The 2024 trade volume between the US and Sri Lanka stood at $3.4 billion. US goods exports to Sri Lanka were $366.7 million, while imports from the country totaled $3.0 billion.

Sri Lanka has agreed to purchase more from the US to narrow the trade gap.

Recently, the Ceylon Petroleum Corporation successfully tested US WTI crude oil samples to be used in Sri Lanka. After approval from the Cabinet, the company is planning to endorse this crude variety to be imported to Sri Lanka depending on price competitiveness.