CCC Warns of Economic Fallout from US 44% Tariff on Sri Lanka

The Ceylon Chamber of Commerce has raised alarms about the economic implications of the United States imposing a 44% tariff on Sri Lankan exports, which account for a significant portion of the country's trade. This move threatens to exacerbate existing challenges in Sri Lanka’s export sector amid global trade disruptions. In response, President Anura Kumara Dissanayake is forming a committee to assess the impact and devise strategies to mitigate risks. Meanwhile, President Trump's recent announcement of a new global tariff regime has sparked fears of an escalating trade war, with tariffs ranging from 10% to 49% on various countries, including significant rates for China and Vietnam. The White House has instructed officials to frame these tariffs as a response to a national emergency rather than a basis for negotiations, leading to uncertainty in global markets. The Federal Trade Commission has cautioned American companies against using these tariffs as a pretext to raise prices, emphasizing the importance of fair competition.