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FEATURE - Tariff Wars: How Will the US Reciprocal Tariff Impact Sri Lanka?
News By Dr Asanka Wijesinghe, Institute of Policy Studies The proposed additional tariffs on the US imports from Canada, China, and Mexico went into effect early Tuesday morning (March 4), paving the way for a trade war between the US and major trade partners. In addition, the Presidential Memorandum on Reciprocal Trade and Tariff of the United States (US) has called for studies on the “unfair trade practices” of US trade partners to determine reciprocal tariff rates as a counter measure. This means that, if the EU has a 10% automobile tariff, the US reciprocal tariff would also be 10%, matching its trade partner’s tariff. With the US having roughly about 13,000 tariff lines, 200 trading partners, and about 2.6 million individual tariff rates, if the proposed reciprocal tariffs are fully implemented, this complex tariff system may have unprecedented effects on the global economy. This could then potentially lead to retaliation from trade partners. The threat of reciprocal tariffs could also potentially cause a trade war between the European Union (EU) and the US with the EU likely to decrease imports from countries like Sri Lanka, making sustainable export growth in a more protectionist global economy more difficult for countries like Sri Lanka. Tariff threats are also being used as a bargaining tool and the US may revise high tariffs in exchange for concessions from major trade partners. The possible disintegration of the current global free trade system, which may be inevitable if the US implements broad-based tariff hikes, is a great and immediate concern for Sri Lanka, as it is a small economy with limited domestic demand and a high dependency on external value chains. Given that the US accounts for a quarter of exports from Sri Lanka, if the US government goes ahead with reciprocal tariffs, how would said reciprocal tariffs impact Sri Lanka’s exports? Reciprocal tariff rates: How will the US determine these rates? The Office of the US Trade Representative (USTR) lists various policies as “unfair trade practices,” providing flexibility for the US authorities to determine the reciprocal tariff rate. These include high tariffs, value-added taxes, non-tariff barriers, subsidies, burdensome regulatory requirements, exchange rate interventions, and any other practice deemed by the USTR. The US plans to complete all the studies on “unfair trade practices” by April 1, 2025. The flexible definition of what constitutes unfair practices and the inclusi...
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Phillips joins lawsuit to block blue crab import ban as battle escalates
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