90-day tariff pause fuels hope — but no clarity for Norwegian salmon.
Norwegian exporters are in limbo following President Donald Trump’s announcement of a 90-day tariff suspension — with no clear confirmation on whether Norway is included in the reprieve.
In a late-night press conference on Wednesday, Trump confirmed that the United States will pause newly introduced import tariffs for countries “that did not retaliate,” but that punitive duties on Chinese goods would be increased from 84 percent to a staggering 125 percent.
The blanket 10 percent tariff on all countries remains in place, while a 15 percent tariff on Norwegian goods — including salmon — introduced earlier this month may or may not be paused during the new 90-day window.
“We are working to get confirmed information”
Norwegian Minister of Trade and Industry Cecilie Myrseth told national broadcaster NRK on Wednesday evening that the government is still seeking clarity.
“We are now working to get confirmed information about what now applies to Norway. There are no official sources available yet. This makes it extra challenging,” said Myrseth
Until a formal exemption is granted or confirmed, all Norwegian goods entering the US — including Atlantic salmon — remain subject to the 15 percent tariff announced earlier in April as part of a sweeping trade offensive.
A market reaction — and a warning
US markets surged in response to the announcement. Nasdaq recorded its best trading day in 24 years, up 12.16 percent. The S&P 500 rose 9.52 percent, while the Dow Jones climbed 7.82 percent.
Nevertheless, Norwegian business leaders warned that the unpredictability of trade policy under the Trump administration is itself damaging.
“The escalation of the trade conflict with China could have extensive ripple effects,” said Ole Erik Almlid, CEO of the Confederation of Norwegian Enterprise (NHO). “The development shows the enormous unpredictability we face, which in itself is very negative for the business community.”
“We are seeing signs that Trump is willing to negotiate,” added DNB’s chief economist Kjersti Haugland. “But this level of uncertainty can deter investment and trade planning.”
Salmon sector in the crosshairs
Salmon producers remain particularly exposed, with Norway exporting more than NOK 10 billion ($950 million) worth of salmon to the US in 2024. The new 15 percent tariff, if enforced throughout 2025, would add millions in additional costs unless absorbed or offset.
Norway, though not a member of the EU, is linked to the bloc via the EEA agreement. That raises questions about whether the US will consider it separately for tariff exemptions — or include it in any general EU-related retaliations.
Global risks remain
While Trump’s 90-day reprieve appears to offer space for negotiation, analysts caution that the broader escalation — especially with China — poses a systemic risk.
The World Trade Organization estimates that US-China trade could fall by as much as 80 percent under current conditions, threatening global growth. SEB strategist Erika Dalstø warned that continued escalation could risk tipping the global economy into recession.
As of Thursday morning, Norwegian authorities had not received formal clarification from Washington. Until they do, Norwegian seafood exporters remain in a state of uncertainty — hopeful that a tariff pause will apply, but braced for continued disruption.