Israel Suspends Import Tariffs Amidst Upcoming U.S. Trade Policy Changes
In a strategic move ahead of anticipated U.S. tariffs, Israel rescinds all import duties on American goods.
In a significant economic development, the Israeli government has announced the suspension of all import tariffs on goods from the United States, just prior to anticipated announcements by U.S. President Donald Trump regarding reciprocal tariffs on a broad range of trade partners.
This decision, confirmed by government officials in Jerusalem, comes as Trump prepares to unveil a new trade policy aimed at imposing substantial tariffs on imports from various countries.
As of now, approximately 98 percent of imports from the United States to Israel are already tariff-free.
The measure is expected to affect only a small volume of tariffs, estimated at around eleven million dollars.
The formalities of this decision require the signature of the Israeli Minister of Economy and Industry, Nir Barkat, along with approval from the parliamentary finance committee, which is expected to be a procedural step.
Prime Minister Benjamin Netanyahu has articulated that the removal of these tariffs is intended to enhance competition and reduce the cost of living for Israeli citizens.
He emphasized that the initiative would not only provide economic advantages to Israeli businesses and consumers but would also serve to strengthen the longstanding alliance between Israel and the United States.
In 2024, bilateral trade between the two nations reached approximately 34 billion dollars, underscoring the importance of this trade relationship.
Since the establishment of a free trade agreement between Israel and the United States four decades ago, both countries have maintained a close economic collaboration, with particular emphasis on agricultural products being significantly impacted by tariff considerations.
This decision, confirmed by government officials in Jerusalem, comes as Trump prepares to unveil a new trade policy aimed at imposing substantial tariffs on imports from various countries.
As of now, approximately 98 percent of imports from the United States to Israel are already tariff-free.
The measure is expected to affect only a small volume of tariffs, estimated at around eleven million dollars.
The formalities of this decision require the signature of the Israeli Minister of Economy and Industry, Nir Barkat, along with approval from the parliamentary finance committee, which is expected to be a procedural step.
Prime Minister Benjamin Netanyahu has articulated that the removal of these tariffs is intended to enhance competition and reduce the cost of living for Israeli citizens.
He emphasized that the initiative would not only provide economic advantages to Israeli businesses and consumers but would also serve to strengthen the longstanding alliance between Israel and the United States.
In 2024, bilateral trade between the two nations reached approximately 34 billion dollars, underscoring the importance of this trade relationship.
Since the establishment of a free trade agreement between Israel and the United States four decades ago, both countries have maintained a close economic collaboration, with particular emphasis on agricultural products being significantly impacted by tariff considerations.
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