Trump counts on deal with Norway regarding tariffs
Donald Trump (photo: Getty Images)
US President Donald Trump expressed confidence that he would be able to reach a trade agreement with Norway. At the same time, he refrained from suggesting the removal of reciprocal tariffs without concessions, according to Bloomberg.
"We talked about trade, and we will definitely — we get along very well on trade. We’ll do something," Trump told reporters during a meeting with Norwegian Prime Minister Jonas Gahr Støre.
Bloomberg clarifies that Norway is among about 60 countries seeking to reach a deal with the US to avoid higher tariffs that Trump announced and then suspended for 90 days. Currently, he has imposed a 10% base tariff on most countries, with higher rates set to take effect after the three-month negotiation period. Norway faces a 15% tariff if the country fails to reach an agreement.
When asked whether the US could lower the tariff rate, Trump replied that he preferred to negotiate a deal and pointed to the country's enormous sovereign wealth fund.
"Well, they have a great fund of $2 trillion. And they don’t have any debt. So I think they’d probably be willing to pay us more than that. I hope," said the US president.
However, during the exchange of views, Trump also refrained from specifying any particular concessions or changes he is seeking or would like to see from Norway.
According to Jens Stoltenberg, former NATO Secretary General and now Norway's Minister of Finance, the issue of raising tariffs was not discussed at the meeting.
"Customs duties are paid by the companies that sell goods to the US and consumers in the US. It is not the Norwegian state that pays the customs duties, so how rich or poor we are has no direct impact on whether you can pay customs duties or not," Stoltenberg said.
Bloomberg writes that Norway has a sovereign wealth fund worth $1.7 trillion – the largest in the world – after it began investing its oil and gas wealth in the 1990s. The fund is a major investor in US stocks.
Trump's tariffs
On April 2, Trump announced tariffs on imports from more than 180 US partner countries. However, on April 9, he suspended his decision for 90 days (while not canceling the 10% tariff).
Recently, the White House chief wrote on social media that he had received requests from many world leaders and business executives to cancel the tariffs. In order for this to happen, Trump set a condition.
"But for those who want the easiest path: Come to America, and build in America!" he wrote, hinting at relocating production to the US.
