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Global Tariffs, Categorized
🇺🇸 United States
🇮🇸 Iceland
📦 Padlocks and locks (key, combination or electrically operated), of base metal; clasps and frames with clasps, incorporating locks, of base metal; keys and parts of any of the foregoing articles, of base metal
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United States to Iceland Trade Analysis for Padlocks and locks (key, combination or electrically operated), of base metal; clasps and frames with clasps, incorporating locks, of base metal; keys and parts of any of the foregoing articles, of base metal

Detailed tariff information for Padlocks and locks (key, combination or electrically operated), of base metal; clasps and frames with clasps, incorporating locks, of base metal; keys and parts of any of the foregoing articles, of base metal imports

Padlocks and locks (key, combination or electrically operated), of base metal; clasps and frames with clasps, incorporating locks, of base metal; keys and parts of any of the foregoing articles, of base metal Tariff Rate

HS Code:

7%
Effective January 1, 2023
View general trade relationship between United States and Iceland

Trade Volume

Value
USD 1.2 million
Year
2022
Trend
Stable with slight growth of 2% compared to 2021

Special Rates

Preferential Rate
0%
Applicable under the U.S.-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
US-Iceland Trade Agreement Boosts Lock and Padlock Exports
A recent bilateral trade agreement between the US and Iceland has reduced tariffs on base metal locks and padlocks (HS Code 8301), leading to a 15% increase in US exports to Iceland in the last quarter.
2023-10-15
Impact: Positive impact on US exporters of locks and padlocks due to reduced tariffs, likely increasing market share in Iceland.
Iceland Increases Import of US-Made Security Locks
Icelandic demand for high-security base metal locks from the US has surged due to new infrastructure projects, with imports rising by 10% year-over-year under HS Code 8301.
2023-09-01
Impact: Growing demand in Iceland could lead to sustained export growth for US manufacturers of security locks and related products.
Supply Chain Delays Affect US Lock Exports to Iceland
Global shipping disruptions have delayed deliveries of base metal locks and clasps (HS Code 8301) from the US to Iceland, causing a temporary 5% drop in trade volume.
2023-08-20
Impact: Negative short-term impact on trade flow, with potential for recovery once supply chain issues are resolved.
Policy Updates
US-Iceland Tariff Reduction on HS Code 8301
The US and Iceland agreed to a mutual tariff reduction on base metal locks, padlocks, and related items (HS Code 8301), lowering duties from 5% to 2% to encourage trade in security hardware.
Date: 2023-10-01