Reported 2 days ago
Sri Lanka's apparel sector is facing challenges due to a newly imposed 30% tariff by the U.S., which undermines its competitiveness against rivals like Vietnam. With the U.S. accounting for 40% of Sri Lanka's apparel exports, industry representatives express hope that further negotiations with the U.S. government could lead to a tariff reduction. The Sri Lankan government is actively pursuing discussions to secure a more favorable rate, as the looming threat from regional competitors like India becomes more significant.
Source: YAHOO