Srilanka, May 15 -- After U.S. President Donald Trump announced reciprocal tariffs on imports from different countries, including Sri Lanka, policymakers across the world contemplated ways and means to diversify their export markets and products. For Sri Lanka, such an approach is all the more realistic because it depends on the U.S and the European Union for a bulk of its exports. The U.S. alone accounts for 23 per cent of Sri Lanka's total exports.
Currently, there is a pause in the implementation of reciprocal tariffs, and the countries, including Sri Lanka, are in touch with the U.S. government authorities to seek redress. Sri Lanka is also ready to make some compromises to narrow the trade gap with the United States. The reduction of ...