Will Trump's New Tariffs Affect Norway? Exporters Already Looking for Other Markets
Donald Trump's administration wants to raise tariffs on goods from Norway from 10 to 12.5 percent. The change could hit companies specializing in exports to the American market the hardest, including Norway's seafood industry. At the same time, the war in Iran has driven up prices of oil, gas, and aluminum, which will impact the results of the largest companies listed in Oslo.
Donald Trump and JD Vance are pursuing a tough policy towards Norway.
DHS photo by Tia Dufour
The temporary US tariff rate expires on Friday, July 24. However, Donald Trump's administration is preparing a new solution that will also cover goods originating from Norway. The planned rate is 12.5 percent. Professor of economics and economic history Ola H. Grytten from the Norwegian School of Economics (NHH) told E24 that the effects will be felt primarily by companies heavily dependent on sales in the US. The seafood sector is particularly vulnerable.
New Tariff Rate Approaching. Exporters Looking for Other Markets
The current 10 percent tariff was introduced in February 2026. This happened after the US Supreme Court challenged previous tariffs, which Trump had called 'Liberation Day' tariffs. The new legal basis became Section 122, which allows such a solution to be maintained for 150 days without Congress’s approval. The deadline is Friday, July 24.
The Office of the United States Trade Representative (USTR) analyzed the policies of 60 US trading partners, including Norway. US authorities concluded that Oslo is not doing enough to block imports of products made with forced labor. Grytten believes this argument could be used to raise tariffs. However, he notes that about 3.5 percent of Norwegian goods exports go to the US. Some companies are already looking for buyers in other markets.
The Office of the United States Trade Representative (USTR) analyzed the policies of 60 US trading partners, including Norway. US authorities concluded that Oslo is not doing enough to block imports of products made with forced labor. Grytten believes this argument could be used to raise tariffs. However, he notes that about 3.5 percent of Norwegian goods exports go to the US. Some companies are already looking for buyers in other markets.
In the photo: Jonas Gahr Støre and Donald Trump during a meeting in Washington (April 2025).Photo: Daniel Sannum Lauten / Pool / TV2 / Statsministerens kontor (Flickr.com, CC BY-NC 2.0)
Raw Materials Prices Soar. Companies to Show Results
For Norwegian raw materials companies, the effects of the war in Iran are more significant than the new US tariffs. The conflict raised prices of oil, gas, and aluminum in the second quarter of 2026. Analysts expect Equinor to report an adjusted pre-tax profit of $11.37 billion. The forecasts were collected by the company itself.
Norsk Hydro benefited from higher aluminum prices, which increased after production disruptions in the Middle East. At the same time, the conflict hit the operations of the Qatalum plant in Qatar, which Hydro co-owns. Changes in raw material prices may therefore affect different parts of the business in various ways. The market will analyze both revenues and the impact of production constraints. The companies’ results will show the first financial consequences of the situation in the region.
Norsk Hydro benefited from higher aluminum prices, which increased after production disruptions in the Middle East. At the same time, the conflict hit the operations of the Qatalum plant in Qatar, which Hydro co-owns. Changes in raw material prices may therefore affect different parts of the business in various ways. The market will analyze both revenues and the impact of production constraints. The companies’ results will show the first financial consequences of the situation in the region.
In the last days of July, investors’ attention will be focused on companies’ quarterly results and the decision of the European Central Bank. After the June interest rate hike, the market did not expect another move, but the rise in oil prices has increased uncertainty.
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