Finance Minister Bezalel Smotrich met with U.S. Treasury Secretary Scott Bessent in Washington on Wednesday, marking the first meeting between Israeli and American finance ministers in four years.
Under former president Joe Biden’s administration, Smotrich had faced a boycott, and no meetings were allowed to be held between him and U.S. officials. Now, however, the U.S. government has warmly welcomed Smotrich with open arms and a red carpet.
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Finance Minister Bezalel Smotrich and U.S. Treasury Secretary Scott Bessent
(Photo: U.S. Foreign Ministry)
Smotrich was invited by Bessent in a call last month. Bessent explained that, just as U.S. President Donald Trump considered it important to meet Prime Minister Benjamin Netanyahu at the start of his term, it was equally important for him to meet with Smotrich early in his tenure to demonstrate his commitment to Israel.
Bessent praised Israel’s economy, saying that it was "amazing what you are achieving while at war" after reviewing background materials about the country’s economy.
He also highlighted the link between economic security and national security, stressing that, as part of Trump’s commitment to Israel’s security, the U.S. is equally committed to ensuring Israel’s economic security. "All our doors will be open to you," he assured Smotrich.
The two discussed various topics, including artificial intelligence and international taxation. Smotrich raised the importance of removing Israel from the U.S. blacklist of countries denied semiconductor exports, a list it was added to under the Biden administration alongside 120 other nations.
Smotrich stressed that Israel should be included on the "green list" of 18 countries that the U.S. allows to receive semiconductor exports.
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Bessent reassured Smotrich, saying: "Don’t be surprised if this changes within a few days and the restrictions are lifted." The decision is within the authority of the U.S. Secretary of Commerce Howard Lutnick, with whom Netanyahu discussed the matter during his visit to Washington. Bessent clarified that the current administration’s stance is to place Israel on the green list.
The two ministers agreed that working teams would continue negotiations. "We will ensure that the steps we take with Europe and other countries will not unintentionally affect you,” Bessent noted.
Bessent also discussed the global economy, stressing the need for peace between Russia and Ukraine and the importance of lowering energy and oil prices. The meeting, attended by Israel's Ambassador to Washington Michael Oren and the economic attaché in Washington, was described as particularly positive.
In a joint statement, both ministers reiterated their strong and ongoing commitment to the U.S.-Israel economic partnership. "This is a critical time to shape a new economic future for both nations, strengthening the U.S. global leadership and Israel’s role as an economic partner."
To further shared economic interests, both sides agreed to enhance economic dialogue mechanisms to deepen cooperation in key areas, including economic policy, technology and financial regulation. As long-standing partners, both countries recognize the central role of their economic relationship in fostering growth and prosperity.