Stable with slight increase of 2% from previous year
Special Rates
Preferential Rate
0%
Applicable under the US-Iceland Free Trade Agreement for qualifying goods with proper documentation (Certificate of Origin).
Additional Information
No additional information available.
Last updated: 1 year ago
News and Updates
Recent News
Limited Trade Activity for Diesel Engines Between US and Iceland
Recent trade data indicates minimal activity in the export or import of compression-ignition internal combustion piston engines (diesel or semi-diesel) under HS Code 8408 between the United States and Iceland, with no significant transactions reported in the last quarter.
2023-10-15
Impact: Negligible impact on trade due to historically low trade volumes in this category between the two countries.
A trade review by the US International Trade Commission noted that specialized machinery, including diesel engines (HS Code 8408), remains a niche market between the US and Iceland, with sporadic shipments driven by specific industrial needs.
2023-08-22
Impact: Minimal impact; trade in this sector remains small-scale and project-driven rather than consistent.
Iceland's strong emphasis on renewable energy sources has led to a decline in demand for diesel engines (HS Code 8408), affecting potential imports from the United States, as reported by industry analysts.
2023-06-30
Impact: Negative impact on US exports to Iceland in this category due to reduced demand for diesel technology.
Policy Updates
No Recent Tariff Changes for HS Code 8408 Between US and Iceland
There have been no recent updates to tariffs or trade policies specifically affecting compression-ignition internal combustion piston engines (diesel or semi-diesel) under HS Code 8408 between the United States and Iceland. Existing trade agreements under the US-Iceland bilateral framework remain unchanged.
