Sri Lanka, Aug. 1 -- U.S. President Donald Trump signed an executive order on Thursday reducing tariffs on Sri Lankan goods to 20% from 44% announced in April, the White House said.

Trump had initially announced a tariff rate of 44% in April for Sri Lankan exports. However, the rate was then reduced to 30%, according to a letter directed to President Anura Kumara Dissanayake on July 10.

On April 2, President Donald Trump declared a US economic emergency and announced tariffs of at least 10% across all countries, with rates even higher for 60 countries or trading blocs that have a high trade deficit with the US. He deemed it "Liberation Day."

With just a few hours to go before the August 1 trade deadline, the White House announced its n...