Distress is in store for Sri Lanka's garments sector if the island nation is unable to clinch a tariff lower than the 30% figure U.S. President Donald Trump has clamped on imports from Colombo, a top industry body warned on Thursday.

Sri Lanka will continue talks with Washington for further reduction in tariffs, after US President Donald Trump imposed a lower-than-proposed 30% levy on the South Asian nation.

The reduction in US reciprocal tariff on exports from Sri Lanka to 30% from previously announced 44% is positive news for local businesses, however the rate is a substantial increase from the existing 10% duty,

Sri Lanka would continue to engage with the US for a “mutually beneficial” outcome on tariffs, a top finance ministry official said on Thursday, after Washington imposed a 30 per cent tariff on all Sri Lankan imports to the country.

COLOMBO: Sri Lanka expects to continue negotiations with the US after President Donald Trump's decision to reduce tariffs on the island nation is seen as a "good start" by Colombo which had primarily negotiated to preserve its competitive advantage,

U.S. President Donald Trump has added Sri Lanka to his growing list of trade targets, issuing a letter on Wednesday announcing a new 30% tariff on all imported goods from Sri Lanka. ..

For four countries, the tariff rates announced Wednesday are below their April 2 levels, while three countries will see an increase — with Brazil hit hard, in particular.

U.S. President Donald Trump has issued tariff letters affecting seven countries. Algeria, Iraq, Libya, and Sri Lanka face 30% tariffs, Brunei and Moldova 25%, and the Philippines 20%. This move signifies a strategic push to influence international trade relationships and recalibrate economic alliances.