Finance Min. chief economist says Israel seeking to negotiate with US to cancel or reduce new tariffs

Finance Ministry chief economist Shmuel Abramzon says Israel will seek to negotiate with the US administration for a cancellation or softening of the announced US import duty on Israeli goods.

“We knew that this was going to happen, but we are surprised about the details of the decision and are still learning the implications,” says Abramzon, speaking at a conference at Herzliya’s Reichman University. “We have a good channel with the US administration, and I believe that through dialogue and negotiations, we will succeed in making a change to this evil.”

Commenting on the impact of the US tariffs on Israel, Abramzon says, “Of course, if the global economy is weakened, our economy will also be affected.”

“However, since we understand that the new tariff applies mainly to exports of goods and not exports of services, our economy will be impacted more moderately, as more than 50 percent of our exports are services,” Abramzon adds.

“This also means that especially the local high-tech industry, which exports services, will be less affected, but in the end Israel’s attractiveness will be measured vis-à-vis other countries,” he says.