Israel Removes All Tariffs on US Imports Ahead of Trump's Anticipated Tariff Announcement
Click to start listening
Synopsis
On April 2, Israel announced the removal of all tariffs on imports from the United States. This move is seen as a diplomatic gesture ahead of President Trump's anticipated tariff announcement, aiming to strengthen ties and potentially ease living costs.
Key Takeaways
- Israel eliminates all tariffs on US imports.
- Decision viewed as a diplomatic gesture.
- Remaining tariffs are about 42 million shekels annually.
- Move aims to strengthen US-Israel relations.
- US was Israel's top export destination in 2024.
Jerusalem, April 2 (NationPress) - Israel has officially declared the removal of all tariffs on imports from the United States, according to a collaborative announcement from Israel's Prime Minister's Office along with the finance and economy ministries.
This decision is primarily viewed as a diplomatic and political maneuver rather than an economic one, given that a longstanding free trade agreement between Israel and the United States already exempts 99 percent of US imports from tariffs, as reported by Xinhua news agency.
As per the Israeli finance ministry, the remaining tariffs, which mainly affect agricultural products, amount to approximately 42 million shekels (around $11.4 million) annually.
This action, pending approval from the parliament's finance committee, comes just one day ahead of US President Donald Trump's anticipated announcement regarding a series of tariffs that will impact all US trade partners. This has led to speculations within Israeli media that the timing of this move may be an effort to obtain relief from the expected reciprocal tariffs.
The joint announcement emphasized that lowering tariffs could enhance the strategic relations between the two nations and potentially aid in decreasing the cost of living in Israel.
Data from Israel's Central Bureau of Statistics indicates that in 2024, the United States was Israel's largest export market, with exports reaching $17.2 billion. Imports from the US were valued at $9.2 billion in 2024, ranking second only to China, from which Israel imported goods worth $13.5 billion last year.
