The impact of Trump's tariffs on the global economy: Following United States President Donald Trump's signing of an order imposing a series of tariffs on imports of goods from other countries, Eastern stock exchanges opened today (Thursday) with falling prices.
In Jerusalem, people are troubled by the tariffs imposed on Israel – at a level of 17%.
The Ministry of Finance is studying this morning, in collaboration with the presidency of the business sector, the Association of Manufacturers, and the chambers of commerce, President Trump's decision and its implications for Israel.
This morning, the Minister of Finance will convene the Finance Ministry management to discuss the implications of the decision on the State of Israel and examine the necessary follow-up steps.
Senior officials at the Ministry of Finance claimed that Trump's plan would significantly harm the competitiveness of Israeli manufacturers vis-à-vis American factories, "since the price gap with them has now opened at 17%." According to them, there is a concern that Israeli manufacturers will want to move factories to the United States.
The president of the Industrialists' Association, Dr. Ron Tomer, commented on the dramatic step on the program 'Rina and Akiva' on the B network: "I'm used to criticizing the government, but they did all the right things. We received a paper from them that said where the gaps were. We did everything that was required, and then a 17% hammer fell on us. This is a step of neglect, we will feel it in our pocket."
Israel is expected to enter into negotiations with the American administration to reduce the tariffs imposed on it. According to them, the calculation of the tariffs imposed by Trump is based on the gap between the volume of goods a country imports from the United States and the volume of exports it exports to it.
In Israel's case, the gap is about $7 billion in favor of exports to the United States, which led to the imposition of a $171.3 billion tariff. However, according to Treasury estimates, tariffs will not be imposed on services, as a very significant portion of exports from Israel to the United States are services, not goods.
European Commission President Ursula von der Leyen spoke this morning following Trump's steps, calling the tariffs he imposed "a severe blow to the global economy," adding that all businesses are expected to suffer from it.
Von der Leyen warned that if negotiations with Trump regarding tariffs fail, the European Union "will prepare countermeasures to protect the interests of the Union."
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