Pakistan’s prime minister announced an additional 10% tariff on large industries such as oil, fertilizer, steel, sugar, cars, and textiles.

The decision was aimed at easing the burden of rising prices caused by high inflation and reviving the collapsing economy. The money collected will be used for health, education, and information technology projects.

An additional 10% tariff on the steel industry will have a negative impact and raise costs.

These industries are already facing higher costs as energy and commodity prices rise. Higher costs will be passed on to customers, thereby raising prices.