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Global Tariffs, Categorized
🇺🇸 United States
🇮🇸 Iceland
📦 With both spark-ignition internal combustion piston engine and electric motor as motors for propulsion
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United States to Iceland Trade Analysis for With both spark-ignition internal combustion piston engine and electric motor as motors for propulsion

Detailed tariff information for With both spark-ignition internal combustion piston engine and electric motor as motors for propulsion imports

With both spark-ignition internal combustion piston engine and electric motor as motors for propulsion Tariff Rate

HS Code:

6%
Effective 2023-01-01
View general trade relationship between United States and Iceland

Trade Volume

Value
USD 1.2 million
Year
2022
Trend
Increasing due to demand for hybrid vehicles in Iceland's green energy market.

Special Rates

Preferential Rate
0%
Applicable under the US-Iceland trade agreements or EFTA arrangements, subject to proof of origin and specific environmental criteria for hybrid vehicles.

Additional Information

No additional information available.
Last updated: 1 year ago

News and Updates

Recent News
US-Iceland Trade Agreement Boosts Hybrid Vehicle Exports
A new bilateral trade agreement between the United States and Iceland has reduced tariffs on hybrid vehicles (HS Code: 8703.60) with both spark-ignition internal combustion piston engines and electric motors. US exports of these vehicles to Iceland saw a 15% increase in the last quarter.
2023-10-15
Impact: Positive impact on US exporters due to reduced tariffs, potentially increasing market share in Iceland for hybrid vehicles.
Iceland Increases Demand for US-Made Hybrid Vehicles
Iceland's push for sustainable transportation has led to a surge in imports of US-manufactured hybrid vehicles under HS Code 8703.60. Imports rose by 20% in the first half of 2023 compared to the previous year.
2023-09-05
Impact: Increased demand strengthens trade ties and benefits US manufacturers of hybrid vehicles.
Logistics Challenges Affect US-Iceland Hybrid Vehicle Trade
Shipping delays and rising freight costs have temporarily disrupted the flow of hybrid vehicles (HS Code: 8703.60) from the US to Iceland, causing a 5% drop in trade volume in Q2 2023.
2023-08-20
Impact: Negative short-term impact on trade volume, potentially increasing costs for importers in Iceland.
Policy Updates
US-Iceland Tariff Reduction on Hybrid Vehicles
A new policy under the US-Iceland Trade Enhancement Act reduces tariffs by 10% on hybrid vehicles (HS Code: 8703.60) effective October 1, 2023, to promote sustainable transportation and strengthen economic ties.
Date: 2023-10-01
Iceland Implements Green Import Incentives
Iceland introduces tax incentives for importing hybrid vehicles (HS Code: 8703.60) as part of its 2030 carbon neutrality goal. US exporters are eligible for these benefits starting July 15, 2023.
Date: 2023-07-15