COLOMBO, April 3 (Xinhua) -- Sri Lanka is planning to negotiate a tariff reduction with the United States before April 9, when the new tariffs announced by U.S. President Donald Trump take effect, said a minister on Thursday.

Minister of Labor and Deputy Minister of Economic Development Anil Jayantha said in a video statement that the government had anticipated a tariff hike from the U.S. and already consulted with scholars, entrepreneurs, and experts on dealing with possible tariff increases.

Jayantha said while Sri Lanka maintains a favorable trade balance with the U.S., exporting goods worth around 3 billion U.S. dollars and importing only about 370 million dollars, it is still a country under an International Monetary Fund (IMF) program, navigating a gradual path toward economic stability.

He said the government would continue to pursue avenues for alleviating the potential impact. If the U.S. does not adjust its tariff policies, Sri Lanka may turn to the Generalized Scheme of Preferences Plus (GSP+) concessions to sustain its exports.

Trump announced on Wednesday that he is imposing the so-called "reciprocal tariffs" on U.S. trading partners, and Sri Lanka now faces a 44 percent tariff. Enditem

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