New US Tariff on Norwegian Goods Expected to Increase Prices

A new 15% tariff imposed by the US on imports from Norway is expected to lead to higher prices for American consumers. The tariff, which also affects the European Union and other countries, was met with disappointment from Norwegian officials.
Jens Stoltenberg, Norway’s Minister of Finance, called the decision “unfortunate” and a “one-sided American decision with which we disagree.” He noted that while discussions with the US are ongoing, Norway will not compromise its own interests to secure a better deal.
The tariff will likely have a direct impact on several Norwegian industries. For example, furniture maker Ekornes, known for its Stressless chairs, has already indicated it will need to raise prices in the US to cover the extra costs. Similarly, producers of Norwegian salmon, a major export, may see a price increase for American consumers.
Economists believe the new tariffs could lead to “higher inflation pressure” in the US. While some of the uncertainty surrounding trade has been removed, the overall effect is expected to be a weakening of economic growth.