The new government is focused on reducing the trade deficit with the United States in response to the reciprocal tariffs announced by US President Donald Trump, Deputy Minister of Economic Development Dr. Anil Jayantha Fernando announced.
In response to a question raised by New Democratic Front (NDF) Parliamentarian Ravi Karunanayake in Parliament today, Deputy Minister Fernando noted that data from last five years indicate the trade deficit with the US is at 88 per cent.
The Deputy Minister of Economic Development noted that apparel, food and three other items account to 85 per cent of the total exports to the United States.
He said they are subject to tariffs and paratariffs, but the recent levies announced by President Donald Trump were calculated based on trade deficit between countries and the US.
Deputy Minister Anil Jayantha Fernando defended the actions of the incumbent government saying they took proactive and reactive measures to lessons the adverse impact of the tariffs on local businesses.
He confirmed another round of discussions will be held tonight with the Office of the US Trade Representatives.
The Deputy Minister also said that President Anura Kumara Dissanayake has already sent a letter to US President Donald Trump on the matter, and that an acknowledgment has been received.