LNP – U.S.tariffs a disaster similar to Covid-19, tsunami in economic terms: Prez

President Kumara Dissanayake reportedly told the political party representatives yesterday that the U.S. tariffs slapped on Sri Lanka is a national calamity in economic terms similar to the tsunami disaster and the Covid-19 pandemic, and it should be dealt with through a national approach.

He said it was unexpected and unprepared for.

He called for a meeting with the representatives of the opposition parties and sought their views to deal with the fallout of the tariffs imposed by U.S.President Donald Trump.

Samagi Jana Balawegaya (SJB) leader Sajith Premadasa, its MPs Dr. Harsha de Silva and Gayantha Karunathilleka were among the attendees.

Besides, National Democratic Front MP Ravi Karunanayake, and the MPs representing Tamil and Muslim parties in the opposition attended it.

Mr. Karunanayake told Daily Mirror that the President cited it as a national calamity similar to the pandemic and the tsunami disaster.

Mr.Karunanayake said he proposed to ensure zero tariffs for imports from the U.S. in dealing with the issue through bilateral channels.

Mr. Karunanayake also proposed to develop Sri Lanka as a launching pad for U.S.investments to manufacture for the Indian market using tariff concessions under the Free Trade Agreement.

Meanwhile, the government, in the wake of President Trump announcing a pause on tariffs on 75 countries, sought clarification on whether Sri Lanka is included in the list. It was done through the Sri Lankan Embassy in Washington DC.

The U.S. remained Sri Lanka’s single largest export destination, mostly for its apparel products. Sri Lanka’s total exports to the U.S. amounts to US$ 3 billion.

Besides, Sri Lanka will face fresh challenges in securing market access to the European Union (EU) region under the GSP+ facility in another two years’ time.

The EU will introduce a revised criterion for the beneficiary countries effective from 2027. In addition to compliance with 27 international conventions, Sri Lanka is required to repeal the Prevention of Terrorism Act to qualify under fresh regulations coming up.