Sri Lanka, July 8 -- Sri Lanka's economy is bracing for a potential shockwave, as the Free Trade Zone Manufacturers Association (FTZMA) warns that the proposed tariffs by President Donald Trump could lead to a loss of approximately 50,000 jobs in the initial stages and render the nation uncompetitive in the South and Southeast Asian region.

The stark warning comes amid the ongoing, high-stakes negotiations between Colombo and Washington to mitigate the impact of a potential 44 percent tariff on Sri Lankan exports to the US.

FTZMA Chairman Dhammika Fernando voiced grave concerns over the looming threat, stating that around 20 percent of the nation's trade income, primarily from foreign trade, is at risk.

"In the initial stage, there i...