Young, Colleagues Call for Strengthened Economic Ties with Israel

WASHINGTON – U.S. Senators Todd Young (R-Ind.), Marsha Blackburn (R-Tenn.), and Catherine Cortez Masto (D-Nev.) joined a group of Senate Finance Committee members to introduce a bipartisan resolution calling for the strengthening of economic ties between the U.S. and Israel. The resolution comes amid Israel’s war against Hamas in response to the terrorist group’s gruesome assault on southern Israel on October 7th, which has stunted Israel’s economy.

“The United States must use every tool available to support Israel following Hamas’ reprehensible attacks. Our bipartisan resolution reaffirms the strength of the U.S.-Israel economic relationship and America’s commitment to standing with the people of Israel,” said Senator Young.

“Ever since the U.S.-Israel Free Trade Agreement was instituted in 1985, the strong economic relationship between Israel and the U.S. has flourished,” said Senator Blackburn. “While Israel faces an unprecedented war against Hamas, we must have their back. It is essential that we further trade and investment between our two countries in order to help boost Israel’s economy during this turbulent time.”

“I’m proud to introduce this bipartisan resolution to support Israel and demonstrate our commitment to working together to strengthen our two economies,” said Senator Cortez Masto. “Let me be clear: the U.S. stands with Israel, and I will continue working across the aisle to combat terrorism and bolster our alliance with our strongest ally.”

In addition to Senators Young, Blackburn, and Cortez Masto, Senators Mike Crapo (R-Idaho), Thom Tillis (R-N.C.), John Barrasso (R-Wyo.), James Lankford (R-Okla.), Tim Scott (R-S.C.), Bill Cassidy (R-La.), Bob Menendez (D-N.J.), Ben Cardin (D-Md.), and John Cornyn (R-Texas) also joined the resolution.

The full resolution can be found here.

Background:

• The U.S.-Israel Free Trade Agreement of 1985 has helped US-Israel trade grow more than sevenfold since that year and serves as an important tool for supporting the Israeli economy during this time.
• In 2022, American companies exported $14.2 billion in goods and $5.8 billion in services to Israel. Major exports included machinery, mechanical appliances, stone, glass, metals, and chemicals.
• Israeli companies exported $21.4 billion in goods and $9.2 billion in services to the U.S. last year.
• Israeli companies’ stock foreign direct investment in the U.S. was $10.6 billion in 2022, supporting more than 20,000 American jobs.