Sri Lanka, Aug. 1 -- Dhammika Fernando, Chairman of the Free Trade Zone Manufacturers Association (FTZMA), emphasized that the new 20% U.S. tariff on Sri Lankan imports is a standalone rate and will not be added on top of existing Most-Favored-Nation (MFN) duties.
"A 12% to 16% average MFN rate applied on Sri Lankan apparel earlier," Fernando explained. "Some people say this new tax will be levied in addition to that MFN rate. That's totally incorrect. This is a standalone tariff."
The new tariff announcement follows a period of intense negotiations and fluctuating rates. Initially facing a steep 44% tariff in April, the rate was later reduced to 30% in July.
The new 20% tariff, confirmed by the White House through a presidential order i...