Norway in the Crosshairs of the USA. Accusations of "Harming the American Economy" in the Background

On Wednesday, March 11, U.S. Trade Representative Jamieson Greer announced the start of an investigation into 16 countries. The information was provided by the Office of the United States Trade Representative (USTR). The proceedings concern overproduction in industrial sectors, which, according to the USA, may harm American companies. Norway is among the countries included in the analysis.

The USA will examine the production and industrial policies of selected countries. The focus is on actions that may be considered "unjustified or discriminatory." According to the USTR, such practices may burden the American labor market. The analysis aims to determine whether overproduction in other countries is displacing production in the USA. The administration also points to the possible impact of such actions on investments in American industry.

Jamieson Greer emphasized that the USA no longer wants to "sacrifice its own industrial base." According to him, some trade partners produce much more than they can consume in their own markets. The surpluses are then exported abroad. In the USTR's view, this may hinder the development of production in the United States. The Trump administration indicates that it wants to bring key supply chains back to the USA.

The USTR report also addressed Norwegian currency policy. The U.S. administration claims that Norway is taking actions to keep the krone at an "artificially low level." According to the report, this is related to the exchange of oil revenues into foreign currencies, mainly U.S. dollars. These operations are said to be carried out by state-owned or state-controlled companies.

The USTR notes that Norway has a significant trade surplus, resulting in part from oil and seafood exports. Norges Bank points out that currency exchanges are related to managing the state budget and transfers to the sovereign wealth fund. The bank emphasizes that these actions are not intended to influence the exchange rate and that the amounts involved are small compared to daily turnover on the currency market.

Countries under investigation may submit their positions and comments to the USTR. The deadline for submissions is April 15. A public hearing is also scheduled for May 5. The U.S. administration is simultaneously taking actions related to customs policy following a Supreme Court ruling that challenged some previous tariffs. Business representatives in Norway point out that the new proceedings increase uncertainty for companies operating in the American market.