Egypt has issued a presidential decree raising customs tariffs on imports of luxury goods. Under the decree a 40% tariff will be applied to imports of goods including sunglasses, watches, video games, shrimps, fireworks and boats. Two new customs tariffs have also been introduced by the new decree: a 20% tariff on goods imported by tourist organizations, with the exception of cars, and a 2% tariff levied on materials used in the production of milk formula.