Fifteen Percent Tariff Begins Today

Effective today at 04:00 GMT, the import tariff on Icelandic goods to the United States rises from 10 percent to 15 percent. This rise to 15 percent was announced on July 31, as opposed to the original 10 percent tariff that was announced on April 2. Iceland joins around 90 other nations who also have newly imposed 15% import tariffs. The European Union (EU) will face a range of tariffs depending on the product they are importing, but they reached that deal from a negotiation that also binds the EU to invest in the US.

Today, at 10:00, the Foreign Affairs Committee of Alþingi will be holding a meeting to discuss these tariffs.

Minister of Foreign Affairs Þorgerður Katrín Gunnarsdóttir explained to business owners who will be affected by these tariffs that they “need to bear in mind that this is a unilateral decision by the US government,” RÚV reports. However, the minister added, “there are still things we can do.”

Iceland’s highest exported good to the United States is seafood, and RÚV reports that between 10 and 15% of Icelandic seafood is sold to the United States (which amounts to around 45 billion ISK annually).