Egypt raises tariffs up to 60 percent for imported goods

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CAIRO (AP) — Egypt's president has imposed an increase of tariffs on hundreds of imported products, the second time in less than three years.

The official Gazette published President Abdel-Fattah el-Sissi's decree on Wednesday with a long list of over 5,791 items, 23 percent of which include machinery and equipment imported by tourist establishments, fruit juices and baby formula, and have a tariff range from 20 to 60 percent.

The measures came as Egypt, which relies heavily on imports, embarked on a reform program shortly after el-Sissi took office in 2014. The government has slashed subsidies, imposed a value-added tax and allowed a currency devaluation in order to qualify for a $12 billion bailout loan from the IMF.

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