On April 2nd, COINOTAG reported that Israel’s Finance Minister has issued a directive to cancel remaining import tariffs on US goods. This move appears to be a strategic response ahead of anticipated reciprocal tariffs from the Trump administration, set to be revealed on Wednesday. The initiative, coordinated closely with Prime Minister Netanyahu and Minister of Economy Barakat, awaits final consent from the Finance Committee of the Israeli Parliament.
In a correspondence dated March 20th, Finance Minister Smotrich urged the removal of tariffs primarily affecting the agricultural sector. Since their free trade agreement in 1985, the United States and Israel have gradually reduced tariffs, achieving near-total elimination for manufactured goods by 1995. Nonetheless, the agreement permits both nations to establish certain import restrictions, particularly for agricultural products, to safeguard local industries and ensure food security.