Sri Lanka, April 4 -- The Government of Sri Lanka says it stands ready to engage with the US administration at the earliest opportunity to explore ways to manage the trade balance in a fair manner and that it is committed to substantially reducing tariff and non-tariff barriers that hinder trade and investment.

On Wednesday, US President Donald Trump announced a sweeping set of reciprocal tariffs, imposing a baseline 10 per cent tax on all imports and significantly higher rates on dozens of countries with which the US runs trade deficits.

Sri Lanka is facing one of the steepest tariffs among countries amounting 44 per cent.

The Government of Sri Lanka said it recognizes the evolving trade landscape with the United States looking to add...