Israel Eliminates Import Duties on All U.S.-Made Goods

Tel Aviv [ Israel On April 2nd (ANI/TPS), following instructions from Prime Minister Benjamin Netanyahu, Finance Minister Bezalel Smotrich and Economy and Industry Minister Nir Barkat, Israel has eliminated all the custom duties - tariffs - previously imposed on goods coming from the United States. Israel 's largest trading partner.

Once the Knesset Finance Committee approves and the Economy and Industry Minister signs off on the order, an amendment concerning trade levies and safeguards will come into force, eliminating custom duties on all goods imported from the United States.

The US is Israel is its foremost ally and principal trading partner. As of 2024, exports of goods to the U.S. amounted to $17.3 billion, whereas service exports were valued at approximately $16.7 billion.

Israel The government clarified that the 1985 free trade agreement with the U.S. resulted in approximately 99 percent of goods imported from America being entirely duty-free. Consequently, reductions in custom duties will only apply to a small selection of items within the imported food and agricultural product categories from the United States.

"The decrease in import tariffs will effectively broaden US- Israel "enhance trade agreements and fortify bilateral strategic relationships," stated the Prime Minister’s Office, Finance Ministry, and Economy and Industry Ministry in a collective announcement.

This decrease also includes a commitment to Israel Consumers may see a potential decrease in the cost of living due to increased imports of food and agricultural goods from the U.S., benefiting from a zero tariff rate. (ANI/TPS)