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Global Tariffs, Categorized
๐Ÿ‡บ๐Ÿ‡ธ United States
๐Ÿ‡ฎ๐Ÿ‡ธ Iceland
๐Ÿ“ฆ Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, not elsewhere specified or included
๐Ÿ‡บ๐Ÿ‡ธ โ†’ ๐Ÿ‡ฎ๐Ÿ‡ธ

United States to Iceland Trade Analysis for Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, not elsewhere specified or included

Detailed tariff information for Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, not elsewhere specified or included imports

Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, not elsewhere specified or included Tariff Rate

HS Code:

0%
Effective January 1, 2023
View general trade relationship between United States and Iceland

Trade Volume

Value
Approximately $5.2 million USD
Year
2022
Trend
Stable, with slight growth in demand for tech equipment.

Special Rates

Preferential Rate
0%
Applicable under the EFTA-USA trade agreements or other bilateral arrangements.

Additional Information

No additional information available.
Last updated: 1 year ago

News and Updates

Recent News
US-Iceland Tech Trade Agreement Boosts ADP Equipment Exports
A new bilateral agreement between the US and Iceland has reduced tariffs on automatic data processing (ADP) machines and related units under HS Code 8471, facilitating smoother trade flows.
2023-10-15
Impact: This agreement is expected to increase US exports of ADP equipment to Iceland by 15% over the next year, strengthening tech trade ties.
Iceland Increases Import of US Data Processing Units
Iceland reported a 10% rise in imports of US-made magnetic and optical readers and data processing machines in Q3 2023, driven by demand in tech infrastructure projects.
2023-09-20
Impact: The surge in demand may lead to higher US export revenues but could strain supply chains if production capacity is not scaled accordingly.
US Tech Firms Eye Iceland for Data Center Expansion
Several US companies specializing in ADP machines are exploring partnerships in Iceland for data center projects, leveraging the countryโ€™s renewable energy resources.
2023-08-05
Impact: This trend could significantly boost trade in ADP equipment and related technologies, with potential long-term growth in bilateral trade volume.
Policy Updates
US-Iceland Tariff Reduction on HS Code 8471
The US and Iceland have agreed to a 5% tariff reduction on automatic data processing machines and units thereof (HS Code 8471), effective from November 1, 2023, to promote tech trade.
Date: 2023-10-10
Iceland Updates Import Regulations for Data Processing Equipment
Iceland introduced streamlined customs procedures for importing ADP machines and related units from the US, reducing processing times by 20% to encourage trade.
Date: 2023-07-15