The White House announced on Thursday evening that a 15 percent tariff will be imposed on goods from Israel as part of the Trump administration’s new trade policy that has seen rates raised on countries across the globe.

The decision is part of an executive order signed by US President Donald Trump, imposing higher tariffs on dozens of countries in his latest bid to reshape global trade in favor of US businesses. The measure will go into effect on August 7.

In response, Israel’s Finance Ministry tried to downplay the move, noting that the 15% rate is “at the lowest level among countries that have a trade deficit with the US,” which it said “reflects the ongoing dialogue between Israel and the administration with the aim of reaching an improved agreement.”

Trump had announced in April a 17% tariff rate on Israel before freezing all tariff measures for 90 days to allow for negotiations. At the time, the Manufacturers Association of Israel warned that the 17% tariff rate could lead to a loss of jobs for as many as 26,000 Israelis.... Read More: Times of Israel