- विज्ञापन -
Tel Aviv [Israel]: Following the directive of Prime Minister Benjamin Netanyahu, Finance Minister Bezalel Smotrich, and Economy and Industry Minister Nir Barkat, Israel has eliminated all customs duties—tariffs—on products imported from the United States, its largest trading partner.
With the approval of the Knesset Finance Committee and the ministerial signature on the order, the amendment concerning trade levies and protective measures will be enacted, resulting in the cancellation of customs duties on all U.S. imports.
The U.S. is Israel’s closest ally and its most significant trading partner. In 2024, Israel exported goods worth USD 17.3 billion to the U.S., alongside an estimated USD 16.7 billion in services.
The Israeli government noted that the 1985 free trade agreement with the U.S. already exempts approximately 99 percent of goods imported from the U.S. from customs duties. As a result, the reduction in tariffs will primarily apply to a limited number of products, specifically in the categories of imported food and agricultural goods from the U.S.
In a joint statement from the Prime Minister’s Office, Finance Ministry, and Economy and Industry Ministry, they emphasized that the reduction in customs duties will effectively expand the U.S.-Israel trade agreement and bolster bilateral strategic relations.
Additionally, this measure is expected to offer Israeli consumers potential relief in the form of reduced living costs, with an anticipated increase in imports of food and agricultural products from the U.S. benefiting from a zero customs rate.
