Norway in Talks for Exemption from Trump Aluminium Tariffs
25 March 2018 by Staff
Norway’s government has resigned itself to United States President Donald Trump’s blanket 10-percent tariffs on imported aluminium, at least for now. Such was the announcement made by the country’s foreign minister on Friday.
Norwegian Foreign Minister Ine Marie Eriksen Søreide went on to solicit the powers that be in Washington, D.C. to intercede on her country’s behalf.
President Trump signed a memo on Thursday exempting the European Union from such tariffs. However, as Norway is not currently a member of the E.U., producers from their country are still subject to the controversial tariffs.
“U.S. authorities informed us late last night that Norway was not among the countries exempted from the new tariffs on steel and aluminium,” she revealed.
Søreide went on to say that she would work with officials from both countries to attempt to formulate a solution, adding that the country, which is also a member of North Atlantic Treaty Organization (NATO) with the United States, seeks to trade with the U.S. as an ally.
“Norwegian exports are no threat to the U.S. We will convey this clearly to them today,” she promised.
Despite failing to gain an exemption from the aluminium tariffs, Norwegian aluminium titan Norsk Hydro does not expect to experience a significant negative impact as a result.
“From a Norwegian perspective, this will have a very limited effect on us,” opined Hydro spokesman Halvor Molland. He continued by saying the firm’s exports to the U.S. were minor compared to its business with Germany and the Middle East.
Despite expecting negligible effects from the tariffs, Molland said that trade barriers established outside of the rubric of the WTO would be detrimental to the global aluminium trade as a whole.
“You risk creating flows of trading that do not follow regular market mechanisms,” he said.
The blanket aluminium tariffs became effective on Friday.