Customs duties are rising on more than 350 imported goods after President Abdel Fattah El Sisi signed a decree into law on Thursday, Youm7 reports. Finance Minister Amr El Garhy says rates on the goods in question will stand at 10-60% after the hike, and the Associated Press is reporting that “fruits, foods, perfumes, furniture” will see customs rise 40-60%. Also being hit with higher rates: consumer electronics and home appliances. See the official decree here (in Arabic, pdf) or broken down into a slideshow by Al Borsa.

These goods are either fully-manufactured goods or have local alternatives of the same quality, said Finance Minister Amr El Garhy, who as we noted above has been making the rounds of the nation’s talk shows to calm the situation. To dispel “exaggerated” fears of inflation, El Garhy noted that many of the goods on the list will only see a 5% increase in tariffs. The came as Egypt’s trade deficit has grown to USD 49 bn and will help protect domestic manufacturers, officials said. Customs Authority chief Magdy Abdel Aziz tells Al Borsa the state is looking at EGP 3.5 bn in revenue from the customs hikes by June 2017. El Garhy had put the figure to closer to EGP 6 bn (is there a press secretary in the house?).

How will these new tariffs impact Egypt’s trade agreements? The tariffs will not hit goods imported from countries with which Egypt has trade agreements, El Garhy noted. That includes the European Union and Turkey, the minister said. The tariffs are at the highest possible level allowed under the World Trade Organization, said Abdel Aziz. Senior officials from the Cairo Chambers of Commerce have raised concerns that the move may lead to retaliatory measures from Egypt’s trading partners, Al Mal reports.

Industry reactions: It is only natural that Ahmed Sheeha, head of the importers division of the Chambers of Commerce, has lost his mind entirely over the decision and is threatening to sue the government, ifAl Wafd is to be believed. Other business associations are taking a more temperate view, saying the decision will support domestic manufacturers.