Exact(3)
A weaker currency and higher interest rates have slashed imports, and pushed the economy towards recession.
Tariffs and other trade sanctions have slashed imports from countries such as Russia.
The government has slashed imports by more than 30% this year, and budgets for state companies and ministries have also been cut.
Similar(57)
Even so, the government recently slashed import tariffs on key products.
Trade between the United States and the rest of the world slid lower in January as weakness at home slashed import levels and a spreading global downturn cut the overseas demand for American exports, the government reported on Friday.
Specifically, they slashed import tariffs, floated the currency and reduced the power of big labor.
Even if the government slashes imports further, to a bare-bones $35 billion (from $50 billion in 2014), Venezuela will still face an external financing gap of $30.5 billion this year, according to Tamara Herrera of GlobalSource Partners, an economic consultancy.This includes debt payments by the government and PDVSA adding up to $10.3 billion in 2015.
Nixon Administration officials were convinced that cutting the dollar's tie to gold and devaluing it against other currencies would increase our exports, slash imports and give us a fabulous round of prosperity.
"Instead of cutting social spending," Bloomberg reported today, "Maduro has responded to lower revenue by slashing imports".
But reformers need to continue slashing import tariffs, which still average 23%.
Under WTO rules, countries may slash import barriers unilaterally as long as they do not favour some countries over others.
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