Norway's trade minister says country unlikely to issue tariffs on US goods
Minister of Trade and Industry Cecilie Myrseth said introducing tariffs and counter-tariffs against the US wouldn't benefit the country.
'The government's starting point is that Norway would not benefit from escalating a trade conflict, for example, by responding with tariff increases on American goods,' she said to parliament on Monday.
'Our message to the US is that increased trade barriers are not in anyone's interest in the long run, and that the global economy will lose from a comprehensive trade conflict,' she added.
She said that tariffs on Norwegian goods were possible and that the government would try to ensure Norway wasn't subject to US tariffs.
Myrseth said that while trade with the US only accounted for 3 percent of goods exports from Norway and 8 percent of mainland exports, the US was an important trading partner for Norway.
'Examples of exports to the US are oil and gas, seafood, offshore technology, construction machinery, furniture and metals,' she said.
'In addition, Norwegian companies are deeply integrated into international value chains that produce for the American market. In other words, the United States represents a larger end market than direct exports would suggest,' the minister added.
She described the uncertainty and unpredictability surrounding a potential large-scale trade conflict as 'serious'. Myrseth said she was also in touch with the business community regarding tariffs.
The Norwegian government was in constant contact with the EU in regards to the country being subject to any counter-tariffs against non-members, she added.
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While not an EU member, Norway is part of the European Economic Area. The EEA Agreement gives Norway access to the EU's single market, but not the customs union – meaning tariffs against non-members, theoretically, could apply to the Nordic country.
US President Donald Trump has imposed or announced tariffs against a number of countries in a bid to try to balance the US's trade balance with other countries.
Around 600,000 jobs in Norway are linked to exports, and economists have warned that a trade war could lead to higher prices, increased unemployment, and create challenges for the central bank.
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How a trade war could affect consumers in Norway
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