Israel cancels customs duties on American goods
The officials said today, Tuesday, that Israel canceled the remaining customs duties on his imports from the United States, one day before the Trump administration imposed a counter to commercial partners all over the world.
The office of the Israeli Prime Minister said that this passage still needs a final signature of the Minister of Economy, Nir Barakat and the financial committee in Parliament, both expected, but once completed, “the customs duties will be canceled on all imports from the United States”.
The United States are the largest commercial partner for Israel and its closest ally and the value of bilateral trade amount to 34 billion dollars in 2024.
“The cancellation of customs duties on American assets is another step … open the market to competition, diversify the economy and reduce the cost of living,” said Prime Minister Benjamin Netanyahu, in a joint declaration with Barakat and Finance Minister in Salazel Smotrich.
The declaration added: “In addition to the economic benefits of the economy and citizens of Israel, the current phase will allow us to strengthen the alliance and relationships between Israel and the United States”.
Barakat said that the cancellation of customs duties is a complementary step for bilateral commercial relations, “will improve greater economic cooperation in the future”. Israel and the United States signed a free trade agreement 40 years ago and about 98 percent of the United States’s assets exempt from taxes.
The Ministry of Finance has indicated that the collection of customs duties from American imports, in particular in the agricultural sector, is about 42 million Shekel (11.3 million dollars) per year.
Smootic had previously signed an order to put an end to customs duties on American imports and wrote to Barakat and the Minister of Agriculture Avi Dechter asking them to support this passage.
Smootic urged the two ministers to coordinate quickly with the American authorities pertinent to implement the exemption from customs duties; To avoid possible consequences for Israeli imports; Because Trump’s expenses will be imposed on “friendly and enemies”, in the same way.
“The complete abolition of customs duties on imports from the United States is an important step to protect the Israeli economy in a sensitive period and strengthen economic relationships with our most important ally, the United States,” said Smotrich.
