Norway Salmon, Crab Exports to US Boomed Ahead of New Tariffs
Sales to the US made up about 11% of the 44 billion kroner ($4.2 billion) of seafood exported out of Norway in the first three months of the year — a record for that period, the Norwegian Seafood Council said in a statement on Thursday.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
a minute ago
- Yahoo
Oil steadies as concerns about tariff impacts vie with Russian supply threats
(Reuters) -Oil prices were little changed on Friday after falling more than 1% in the previous session as traders digested the impact of new higher U.S. tariffs that may curtail economic activity and lower global fuel demand growth. Brent crude futures rose 4 cents, or 0.06%, to $71.74 a barrel by 1201 GMT. U.S. West Texas Intermediate crude rose 1 cent, or 0.01%, to $69.27. Still, Brent prices are set to gain 4.9% for the week while WTI is set to climb 6.4% after U.S. President Donald Trump earlier this week threatened to place tariffs on buyers of Russian crude, particularly China and India, to coax Russia into halting its war against Ukraine. On Friday though, investors were more focused on Trump's imposition of new, and mostly higher, tariff rates on U.S. trading partners set to go into effect on August 1. Trump signed an executive order on Thursday imposing tariffs ranging from 10% to 41% on U.S. imports from dozens of countries and foreign locations including Canada, India and Taiwan that failed to reach trade deals by his deadline of August 1. Some analysts have warned the levies will limit economic growth by raising prices, which would weigh on oil consumption. On Thursday, there were signs that existing tariffs are already pressuring prices higher in the U.S., the world's biggest economy and oil consumer. U.S. inflation increased in June as tariffs boosted prices for imported goods such as household furniture and recreation products. This is supporting views that price pressures would pick up in the second half of the year and delay the Federal Reserve from cutting interest rates until at least October. Maintaining interest rates would also impact oil as the higher borrowing costs can limit economic growth. At the same time, Trump's threats to impose 100% secondary tariffs on Russian crude buyers have supported prices because of concerns that would disrupt oil trade flows and remove some oil from the market. JP Morgan analysts said in a note on Thursday Trump's warnings to China and India of penalties on their ongoing purchases of Russian oil potentially puts 2.75 million barrels per day of Russian seaborne oil exports at risk. The two countries are the world's second- and third-largest crude consumers, respectively. "The Trump administration, like its predecessors, will likely find sanctioning the world's second-largest oil exporter unfeasible without spiking oil prices," the analysts said, referring to Russia.
Yahoo
a minute ago
- Yahoo
Asian shares fall as US unleashes fresh tariffs, jobs data up next
By Stella Qiu SYDNEY (Reuters) -Asian shares fell on Friday after the U.S. slapped dozens of trading partners with steep tariffs, while investors anxiously await U.S. jobs data that could make or break the case for a Fed rate cut next month. Late on Thursday, President Donald Trump signed an executive order imposing tariffs ranging from 10% to 41% on U.S. imports from dozens of countries and foreign locations. Rates were set at 25% for India's U.S.-bound exports, 20% for Taiwan's, 19% for Thailand's and 15% for South Korea's. He also increased duties on Canadian goods to 35% from 25% for all products not covered by the U.S.-Mexico-Canada trade agreement, but gave Mexico a 90-day reprieve from higher tariffs to negotiate a broader trade deal. "At this point, the reaction in markets has been modest, and I think part of the reason for that is the recent trade deals with the EU, Japan, and South Korea have certainly helped to cushion the impact," said Tony Sycamore, analyst at IG. "After being obviously caught on the wrong foot in April, the market now, I think, has probably taken the view that these trade tariff levels can be renegotiated, can be walked lower over the course of time." MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4%, bringing the total loss this week to 1.5%. South Korea's KOSPI tumbled 1.6% while Japan's Nikkei dropped 0.6%. EUROSTOXX 50 futures dropped 0.5%. Nasdaq futures fell 0.5% while S&P 500 futures slipped 0.3% after earnings from Amazon failed to live up to lofty expectations, sending its shares tumbling 6.6% after hours. Apple , meanwhile, forecast revenue well above Wall Street's estimates, following strong June-quarter results supported by customers buying iPhones early to avoid tariffs. Its shares were up 2.4% after hours. Overnight, Wall Street failed to hold onto an earlier rally. Data showed inflation picked up in June, with new tariffs pushing prices higher and stoking expectations that price pressures could intensify, while weekly initial jobless claims signalled the labour market remained on a stable footing. Fed funds futures imply just a 39% chance of a rate cut in September, compared with 65% before the Federal Reserve held rates steady on Wednesday, according to the CME's FedWatch. Much now will depend on the U.S. jobs data due later in the day and any upside surprise could lower the chance for a cut next month. Forecasts are centred on a rise of 110,000 in July, while the jobless rate likely ticked up to 4.2% from 4.1%. The greenback has found support from fading prospects of imminent U.S. rate cuts, with the dollar index up 2.4% this week against its peers to 100, the highest level in two months. That is its biggest weekly rise since late 2022. The Canadian dollar was little impacted by the tariff news, having already fallen about 1% this week to a 10-week low. The yen was the biggest loser overnight, with the dollar up 0.8% to 150.7 yen, the highest since late March. The Bank of Japan held interest rates steady on Thursday and revised up its near-term inflation expectation but Governor Kazuo Ueda sounded a little dovish. Treasuries were largely steady on Friday. Benchmark 10-year U.S. Treasury yields ticked up 1 basis point to 4.374%, after slipping 2 bps overnight. In commodity markets, oil prices were steady after falling 1% overnight. U.S. crude rose 0.1% to $69.36 per barrel, while Brent was at $71.84 per barrel, up 0.2%. Spot gold prices were steady at $3,288 an ounce.
Yahoo
a minute ago
- Yahoo
Australian minister says US tariffs to remain at 10%
By Renju Jose and Lucy Craymer SYDNEY/WELLINGTON (Reuters) -Australia Trade Minister Don Farrell said on Friday the White House had confirmed that no country had reciprocal tariffs lower than Australia, suggesting U.S. President Donald Trump had left the 10% baseline tariffs on Australian goods unchanged. "While we remain in the best possible position under the United States' new tariff regime, we will continue to advocate for the removal of all tariffs in line with our free trade agreement," a spokesperson for Farrell said in a statement. Trump signed an executive order on Thursday imposing reciprocal tariffs ranging from 10% to 41% on dozens of countries. Australia is one of the few countries with which the United States normally runs a trade surplus, a point often pitched by Australian officials during trade talks with U.S. officials. The U.S. trade surplus with Australia was $17.9 billion in 2024, a 1.6% increase over 2023, data from the U.S. Trade Representative's office showed. Australia last week eased restrictions on beef imports from the United States, potentially smoothing trade talks with Trump, although Prime Minister Anthony Albanese said the decision had long been considered and was not related to any trade negotiations. U.S. tariffs for neighbouring New Zealand were raised to 15% from the baseline 10% announced in April. "The first step will be to talk to them directly. And we've engaged in a lot. In fact, it's been very good engagement," New Zealand Trade Minister Todd McClay told Radio New Zealand. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
