As of July 10, 2025, Norway has received a temporary reprieve from the latest round of escalating US tariffs. While an initial 15% tariff on Norwegian goods imported into the US was announced in April 2025, and a 16% tariff was later reported, Norway did not receive a notification letter from the US regarding new tariff levels that were set to take effect on July 9, 2025, for other countries. This means any changes to Norway's current trade terms are deferred until August 1, 2025.

Status of Deals and Agreements:

• No specific bilateral trade deal has been finalized between the US and Norway to address the new reciprocal tariffs.

• The US has been engaging in bilateral negotiations with various trading partners, but information on the status of these discussions, particularly with Norway, remains limited.

• Norway is not a member of the EU customs union but is tied to the EU through the European Economic Area (EEA) agreement. This means Norway is not exempt from US tariffs, and could potentially be affected by any EU countermeasures if they were to target US goods also imported by Norway.

• Norway has consistently advocated for a rules-based world trade system and has expressed a preference for aligning with the EU's efforts to maintain such a system, rather than pursuing a separate bilateral deal with the US, though they are keeping their options open.

• The U.S.-Norway Supplementary Defense Cooperation Agreement entered into force in June 2022, modernizing the framework for visiting U.S. forces and reflecting shared NATO commitments. This highlights the broader strategic relationship beyond trade.

Impact on Companies:

• Norwegian companies have been preparing for potential impacts, with some exploring options like moving storage and production operations to mitigate the effects of higher tariffs.

• While the direct effect of US tariffs on the overall Norwegian economy is considered relatively minor due to the US accounting for a small percentage (around 3%) of total Norwegian exports, certain sectors could be more vulnerable.

• Seafood, especially Norwegian salmon, makes up a significant portion of exports to the US. Higher tariffs on these products could impact their popularity and demand in the US.

• Companies in sectors like metals (e.g., Norsk Hydro), which produce aluminum and steel, were initially concerned about higher tariffs on their exports to the US.

Norway's Response:

• Norwegian Minister of Trade and Industry Cecilie Myrseth stated that Norway did not receive a letter about new tariff levels being implemented on July 9, and thus no further increase in tariff rates will occur before August 1st.

• The Norwegian government's stance is that escalating a trade conflict by introducing counter-tariffs against the US would not benefit the country.

• Norwegian officials, including Prime Minister Jonas Gahr Støre and Finance Minister Jens Stoltenberg, have consistently expressed that increased trade barriers are not in anyone's long-term interest and would harm the global economy.

• They have also emphasized the importance of their trade agreement with the EU and that Norway is unlikely to compromise on standards (e.g., genetically modified food) to secure a separate deal with the US.

• There have been discussions within Norway, including in leading financial newspapers, about the possibility of Norway aligning with the EU's "trade bazooka", which could include measures like preventing US firms from bidding for public contracts or even banning their operations within the EU/EEA.

The situation remains fluid, with ongoing conversations between Norway and the US, and the August 1st deadline for potential new tariffs looming.