Prime Minister Benjamin Netanyahu, left, and Finance Minister Bezalel Smotrich, arrive at a cabinet meeting at the Prime Minister's Office in Jerusalem, Thursday, Feb. 23, 2023. (Ronen Zvulun/Pool Photo via AP)
“Beyond the economic advantages for Israel’s economy and its citizens, this move will also help strengthen the alliance and deepen the ties between Israel and the United States.”
By Vered Weiss, World Israel News
Israel announced on Tuesday that it would scrap levies on American products ahead of a reciprocal announcement expected from US President Donald Trump on Wednesday.
Prime Minister Benjamin Netanyahu’s office announced, “Tariffs on all imports from the United States will be canceled.”
The proposal still requires the final signature from Economy Minister Nir Barkat and the Knesset Finance Committee.
The US is Israel’s largest trading partner; bilateral trade amounted to $34 billion in 2024.
In a joint statement, Netanyahu, Barkat and Finance Minister Bezalel Smotrich said, “Lifting tariffs on American goods is another important step towards opening the market to competition, diversifying the economy and reducing the cost of living.”
It continued, “Beyond the economic advantages for Israel’s economy and its citizens, this move will also help strengthen the alliance and deepen the ties between Israel and the United States.”
In February, Smotrich expressed concern over Trump’s policy of increasing tariffs on both “friendly and enemy countries” and coordinated with Israeli officials to propose mutual tariff relief between the two countries.
Smotrich stated, “The full removal of tariffs on U.S. imports is crucial in protecting the Israeli economy during this sensitive time and reinforcing our economic relationship with our closest ally, the United States.”
Israel’s Agriculture Ministry welcomed the cancelation of tariffs to protect Israeli agriculture.
Shortly after taking office for the second time, President Trump announced tariffs on goods from Mexico, Canada, and China.
The Republican president took to social media, stating that the tariffs were essential “to protect Americans.” He urged the three countries to take more decisive action against the production and export of illicit fentanyl. He called on Canada and Mexico to do more to curb illegal immigration into the US.
Trump declared an economic emergency and placed duties of 10% on all imports from China and 25% on imports from Mexico and Canada. Energy imported from Canada, including oil, natural gas, and electricity, would be taxed at 10%.
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