(Alexandra Valencia – Reuters)
Ecuador will impose a new set of variable tariffs on one-third of all its imports in an attempt to protect its oil-reliant economy, which has been hit by the plunge in global crude prices, the government said on Friday.
The measure, which begins on Wednesday an extends for 15 months, aims to improve the small Andean nation's deteriorating trade balance by targeting mainly consumer goods but not its foreign purchases of commodities or capital goods that its industry needs.
The tariffs will range from 5% to 45% depending on the extent to which products compete with those manufactured locally. Click here to read more.