A recent bilateral trade agreement between the United States and Norway has reduced tariffs on machinery with net engine power between 194 kW and 257.4 kW (HS Code: 8408.20). This has led to a 15% increase in U.S. exports of such engines to Norway in the last quarter.
2023-10-15
Impact: Positive impact on U.S. exporters as reduced tariffs make these engines more competitive in the Norwegian market, potentially increasing market share.
Norway Increases Demand for High-Power Engines from U.S.
Norway's growing industrial sector, particularly in marine and construction, has driven a surge in demand for U.S.-made engines in the 194 kW to 257.4 kW range. Trade data shows a 10% rise in imports from the U.S. over the past six months.
2023-09-22
Impact: Positive for U.S. manufacturers, with increased export volumes to Norway supporting job growth in the machinery sector.
Shipping delays and rising freight costs have temporarily disrupted the trade of high-power engines (194 kW to 257.4 kW) between the U.S. and Norway, causing a 5% dip in export volumes in Q3 2023.
2023-08-30
Impact: Negative short-term impact on trade flow, with potential cost increases for Norwegian importers and delays for U.S. exporters.
Policy Updates
U.S.-Norway Tariff Reduction on Machinery
The U.S. and Norway have implemented a mutual tariff reduction on specific machinery categories, including engines with net power between 194 kW and 257.4 kW (HS Code: 8408.20), dropping duties by 3% to encourage bilateral trade.
Date: 2023-10-01
Norway Updates Import Compliance Standards
Norway has introduced stricter environmental compliance standards for imported engines in the 194 kW to 257.4 kW range, requiring U.S. exporters to meet new emission benchmarks starting January 2024.
