Sri Lanka needs strategic rethink amid crushing US tariffs: Bingumal

Opines country should adopt 'extreme measures' to counteract looming economic hit I Lists three-point strategy buy more from US at lower import tariff while managing other bilateral partners, diversify export markets with UK, Europe and Asia being target markets, incentivise export sector along with hard negotiation with IMF I Observes opportunity in emerging regional dynamics, with South-South trade growing at over 20% in global trade where Sri Lanka can reposition itself Expresses optimism that Sri Lanka will find its way

- 

STANDARD Chartered Bank CEO Sri Lanka Bingumal Thewarathanthri last week weighing in on the development of the US's newly announced reciprocal tariff policy opined that the country should adopt 'extreme measures' to counteract the looming economic hit.

"What a surprise! The US reciprocal tariff has hit us hard. We need some extreme measures to counter this," he wrote in a candid LinkedIn post.

On 2 April, the Trump administration announced a reciprocal tariff policy which sent shockwaves through Sri Lanka's economy, with the country facing one of the highest imposed tariffs at a staggering 44%, placing it among the top three globally penalised countries.