Sri Lanka, which is one of the economies facing a profound impact of Trump’s tariff measures, has initiated steps to mitigate the impact on sectors, including rubber products exports. Though the country, too, has been able to heave a sigh of relief with a 90-day breather for reciprocal tariffs, it has decided to use the window to negotiate with the US so that the island nation’s economy does not feel the pinch.
Highlights
• 85% of Lankan rubber products shipped to US, EU markets
• Tariffs can diminish 28% of US rubber products export revenue
• Govt allocates LKR 1500 million for rubber industry in Budget