Published by Global Banking & Finance Review®
Posted on April 7, 2025
2 min readLast updated: January 24, 2026
Add as preferred source on GoogleThe EU plans to protect Norway from US tariffs, ensuring minimal impact on Norwegian exports amid escalating trade tensions.
COPENHAGEN (Reuters) - The European Union will seek to minimise the impact on outsider Norway from its trade conflict with the United States, European Commission president Ursula von der Leyen said on Monday - a relief for the Nordic country, which exports heavily to the EU.
Fears of global escalation are growing after U.S. President Donald Trump imposed sweeping tariffs on almost all imports to the U.S. They include a 20% tariff on goods from the EU and 16% on goods from Norway.
Norway is not a member of the EU or its customs union despite being part of the bloc's single market.
It had sought assurances that its exports would not be subject to any wide-ranging tariffs that the EU might impose in response to the U.S. moves, to avoid being flooded by products that will no longer be shipped to the U.S.
"We will stay in very close contact to minimise effects of our actions on each other," von der Leyen told a joint press conference with Norwegian Prime Minister Jonas Gahr Stoere.
Two-thirds of Norwegian exports go to the EU, including large amounts of oil and natural gas.
Norway said "no" to EU membership in national referendums in 1972 and 1994 but, alongside Iceland and Liechtenstein, participates in the union's common market via the European Economic Area (EEA) treaty.
(Reporting by Louise Breusch Rasmussen, editing by Terje Solsvik and Kevin Liffey)
The main topic is the EU's efforts to protect Norway from the impact of US trade tariffs.
Norway faces a 16% tariff on its goods exported to the US, impacting its economy.
Norway is not an EU member but participates in the single market via the EEA.
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