ATARIFF EXPLOSION! US President Donald Trump let April Fool’s day pass without a hum, only to unleash his version of the big bang theory – in trade parlance, that is – a day later.

The temperature of trade rose to record highs and the world of business was turned upside down… in one telling announcement emanating from the Oval Office.

Ostensibly to reduce the United States’ bloating trade deficit by reviewing the tariffs imposed by its trading partners (including an Aussie island inhabited by penguins!) – and in many cases, going so far as to double them – POTUS’ so-called ‘reciprocal tariff’ formula has been condemned universally, and deemed to be too simplistic and distorted by many analysts.

A week later however, we were told that the tariffs slapped on all countries except China would be paused for 90 days – and not surprisingly, that Trump is open to “phenomenal offers” to reduce the burden on deal making nations and trading blocs.

Sri Lanka was slapped with a levy of 88 percent, which in effect doubled its tariff on US imports, in a move that had shockwaves reverberating across the exporter community – especially among the island’s apparel manufacturers.

Meanwhile, the government promptly announced “its readiness to reduce tariff and non-tariff barriers,” and that it is working with an expert committee to unveil a mitigation strategy… before it’s too late!

“We are committed to substantially reducing tariff and non-tariff barriers that hinder trade and investment. Improving the ease of doing business remains a top priority of the government, as we strive to create an environment that encourages innovation, fosters commercial partnerships and unlocks opportunities for both nations,” the finance ministry assured, in a statement to the media.

But the question at the tip of our tongue is why Sri Lanka didn’t plan its response to an event that was mooted by Trump upon his inauguration back in January?

The truth is that we were caught with our pants down!

So yes, it’s time to get to work… and walk the talk for a change!

– Editor-in-Chief