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Trump imposes 15% rate tariff on goods from Israel
Taxes between 10% and 41% part of wider policy on more than 65 countries to protect US economic interests
The US is imposing a 15% tariff on all exports from Israel as part of the Trump administration’s new trade policy, the White House said on Thursday evening.
The move is part of a series of broader tariffs on more than 65 countries, including all 27 members of the European Union, though lower than rates for some, including Canada (35%).
The policy, to address trade imbalances and protect US industry, comes into effect on 7 August.
Israel says the levies are lower compared with other countries thanks to “positive” dialogue and discourse between Israel and the US. The new tax is also slightly lower than the 17% rate suggested in April.
The US currently runs a trade deficit of approximately £26 billion with Israel. In turn, Israel exports £15 billion annually to the US, while importing £9.9 billion.
YNet reports that Israeli officials believed the final figure would be tied to the country’s willingness to wind down its nearly two-year war in Gaza. Senior officials, including finance minister Bezalel Smotrich, economy and industry minister Nir Barkat, and national economic council head Prof. Avi Simhon, held talks with top US administration officials in recent weeks.
Simhon also serves as an economic adviser to Israeli Prime Minister Benjamin Netanyahu.
Elsewhere, reports suggest that Switzerland is “stunned” by 39% tariffs and eager to continue negotiations with the US, as is India, which has been hit with a 25% rate.
The tariff announcement led to a sharp drop in shares across the globe.
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