Former Deputy Leader of the United National Party (UNP), MP Ravi Karunanayake, has urged the government to take proactive measures in response to potential trade barriers that could arise under a second Donald Trump presidency in the United States.
Speaking to the media, Karunanayake highlighted that Trump is expected to implement a counter-globalization strategy, which could significantly impact Sri Lanka’s export sector. He emphasized that the country’s garment industry, which employs around 1.2 million people and is heavily reliant on the US market, could face severe challenges under new tariff policies.
Additionally, he noted that Sri Lanka’s rubber industry, particularly tire and mattress exports, could also be affected. Karunanayake stated that he had raised these concerns in Parliament, questioning the ruling party on how it plans to navigate potential trade restrictions from the US.
“The government says it will address these challenges through negotiations, but we must be prepared in advance for any economic shifts resulting from new US policies,” he stressed.
He also acknowledged the current administration’s continuation of certain economic policies initiated by the UNP-led government in 2015 but underscored the importance of defining a clear long-term vision for Sri Lanka’s economic growth.
Karunanayake further outlined key steps needed to attract foreign investment and emphasized the importance of effective engagement with the International Monetary Fund (IMF) as Sri Lanka continues its debt restructuring efforts.
