Pharmaceutical products not manufactured in the United States will be subject to a 100 % tariff, according to a recent announcement by President Donald Trump.

The measure will apply to brand-name or patented pharmaceutical products starting October 1, “unless a company is building a manufacturing plant in the United States.”

That is, the tax will not apply to “pharmaceutical imports if companies have begun construction of a manufacturing plant in the United States or if such a plant is under construction.”

The new tax announcement made last Thursday by Trump also included a 25 % tariff on imported heavy trucks, “kitchen cabinets and bathroom vanities will have a 50 % tax, and imports of upholstered furniture will have a 30 % tax.”

It is important to clarify that Trump’s tariff policy is based on “Section 232 of the Trade Expansion Act, which allows the government to impose tariffs without congressional intervention if imports are considered a threat to national security. This approach has already been used to impose tariffs on imports of automobiles, copper, steel, and aluminum.”

M.Pino

Source: bloomberglinea

(Reference image source: Roberto Sorin on Unsplash)

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The Petrolia Fund, established with the goal of “harvesting oil,” started a new phase in the Venezuelan economy by starting to trade on the Caracas Stock Exchange (BVC) on October 1.

The fund began trading on the BVC board with 18 million Class B shares, under the symbol PCP.B. The official launch took place on Monday, September 29.  “This is considered the first of its kind in the country, and its objective is to provide financing to companies that offer services to the hydrocarbon sector.”

The president of the Caracas Stock Exchange, José Grasso Vecchio, stated: “For us, it is excellent news to have them here. This is a company that emerged in the market, as a company in its growth phase, and today we see its listing on our board. So far this year, we have recorded growth in all four market segments. That is our goal: to promote the sector.”

The president of the Petrolia Fund, Álvaro Pérez, revealed that the country has the capacity to produce up to “3 million barrels per day” and emphasized the new company’s commitment to providing strategic support for the development of the oil sector.

M.Pino

Source: finanzasdigital

(Reference image source: Nicholas Cappello on Unsplash) 

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The price of the official dollar in Venezuela is located this Tuesday, October 1, at 36.91 bolivars, according to the publication of the Central Bank of Venezuela on its website.

The exchange rate is the result of the weighted average of the exchange tables of the banks participating in the day’s session.

Tomorrow, Wednesday, October 2, the BCV will publish the update of the value of the dollar with respect to the bolivar as a reference for all transactions in the country.

 

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Una publicación compartida por Banco Central de Venezuela (@bcv.org.ve)

M.Pino

Source: Central Bank of Venezuela

(Reference image: BCV, file)

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