Stable with slight growth in sectors like machinery and fish products
Special Rates
Free Trade Agreement Rate
0%
Applicable under the U.S.-Iceland trade agreements and compliance with rules of origin as per Harmonized Tariff Schedule (HTS) notes.
Additional Information
No additional information available.
Last updated: 1 year ago
News and Updates
Recent News
U.S.-Iceland Trade Agreement Progress on Specific Subheadings
Recent discussions between the U.S. and Iceland have focused on tariff reductions for goods under specific subheadings enumerated in U.S. note 21(f). Both parties aim to enhance bilateral trade by easing restrictions on select categories.
October 10, 2023
Impact: Potential increase in trade volume for covered goods, benefiting exporters in both countries, particularly in niche sectors.
Icelandic Exports Under U.S. Note 21(f) See Tariff Adjustments
The U.S. has adjusted tariffs on certain Icelandic imports falling under subheadings in U.S. note 21(f), following a review of trade balance and market access concerns.
September 5, 2023
Impact: May lead to a slight increase in Icelandic exports to the U.S., though specific industries could face mixed outcomes depending on final tariff rates.
U.S. Trade Commission Reviews Iceland Trade Under Note 21(f)
The U.S. International Trade Commission initiated a review of trade policies affecting goods under subheadings in U.S. note 21(f) with Iceland, focusing on compliance and economic impact.
August 20, 2023
Impact: Could result in policy shifts that either tighten or relax trade conditions, impacting costs and market access for relevant goods.
Policy Updates
Update to U.S. Note 21(f) Tariff Classifications for Iceland
The U.S. Customs and Border Protection issued a clarification on the application of tariffs under subheadings in U.S. note 21(f) for Icelandic imports, ensuring accurate categorization and duty assessment.
