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NEW DELHI (Reuters) -Sri Lanka is ready to engage with the United States in strengthening trade relations, the island nation said on Friday, committing to substantially reduce tariff and non-tariff barriers that hinder trade and investment.
U.S. President Donald Trump's government imposed a 44% tariff, which will affect about $3 billion of exports, Sri Lanka's finance ministry said in a statement.
Sri Lanka is concerned the tariffs will hurt its economy, which is recovering from a severe financial crisis triggered by a shortfall of dollars three years ago.
"Considering our export exposure and potential slowdown in global demand, we are concerned that our recovery path could be constrained," the statement added.
Supported by a $2.9 billion bailout from the International Monetary Fund (IMF) the island nation posted growth of 5% last year.
(Reporting by Tanvi Mehta; Editing by Alex Richardson)
