Ahead of Prime Minister Benjamin Netanyahu’s meeting tomorrow in Washington with US President Donald Trump, the Manufacturers Association of Israel presented him with an analysis warning of the massive potential hit to the economy from the US president’s new tariffs.
According to the document, Israeli exports to the US will take a $2.3 billion hit from the tariffs, and 18,000-26,000 Israelis would likely lose their jobs.
If additional tariffs are placed on the pharmaceutical and chip industries, which have so far been left out of Trump’s sweeping edict, the damage to Israeli exports could reach $3 billion, the association warns.
The areas expected to be hit hardest, it says, are hi-tech, including biotech, plastics, metals, chemicals and fuels, robotics, and electronic components.
Under a sweeping new tariff policy announced by Trump, Israeli goods face a 17 percent US tariff. The US is Israel’s closest ally and largest single trading partner.
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