In a proclamation dated December 20, 2024, President Joseph R. Biden Jr. announced the continuation and modification of trade agreements and tariff schedules between the United States and Israel, as well as with other countries involved in trade agreements such as USMCA and DR-CAFTA. This included extending duty-free access for certain Israeli agricultural products until December 31, 2025, to maintain favorable trade terms. Additionally, the proclamation addressed technical corrections in the Harmonized Tariff Schedule to ensure proper implementation of trade agreements like the USMCA and AGOA, and adjustments were made to correct past errors, including in steel import quotas. The proclamation is intended to ensure ongoing advantageous trade relationships aligned with U.S. international trade agreements.
Simple Explanation
The President of the United States said that America and Israel will keep their special trade deal for farm products so Israeli products can come to the U.S. without extra taxes until the end of 2025. He's also fixing some past mistakes in the rules, like those for steel trades, to make sure everything is fair and correct.