Stable with slight growth in specific sectors like technology and fisheries.
Special Rates
Preferential Rate
0%
Applicable under the U.S.-Iceland trade agreements for goods meeting rules of origin and subject to quantitative limits as per U.S. note 8 to the relevant subchapter.
A recent bilateral agreement between the U.S. and Iceland has adjusted quantitative limits under U.S. Note 8 for dairy products (HS Code related to dairy), increasing Iceland's export quota to the U.S. market by 10%.
October 15, 2023
Impact: This adjustment is expected to boost Iceland's dairy exports to the U.S., fostering stronger trade ties and potentially lowering prices for U.S. consumers of niche Icelandic dairy products.
U.S. Imposes Temporary Review on Iceland Fish Imports Under Quota Limits
The U.S. Department of Commerce initiated a review of fish imports (HS Code under U.S. Note 8) from Iceland due to concerns over quota compliance, temporarily halting new shipments until verification is complete.
September 5, 2023
Impact: This review may cause short-term disruptions in the supply of Icelandic fish to the U.S., potentially increasing prices and affecting U.S. seafood markets.
Iceland Seeks Expansion of Quota Limits for Wool Products in U.S. Market
Icelandic trade officials have requested an increase in quantitative limits for wool products (HS Code under U.S. Note 8) during recent trade talks with U.S. representatives, citing growing demand.
August 20, 2023
Impact: If approved, this could enhance Iceland's wool exports to the U.S., benefiting Icelandic producers while increasing competition for U.S. domestic wool suppliers.
Policy Updates
Update to U.S. Note 8 Quantitative Limits for Iceland Imports
The U.S. Trade Representative announced a revision to the quantitative limits specified in U.S. Note 8 for certain Icelandic goods (specific HS Codes), increasing allowable imports for dairy and fish products by a modest percentage to reflect updated trade agreements.
