EU Strives to Shield Norway from U.S. Trade Dispute Fallout

The European Union aims to reduce Norway's repercussions from its trade clash with the U.S., amidst fears of global economic escalation. Norway, heavily reliant on EU exports, seeks to avoid new tariffs as it is not part of the EU but engages in its single market via the EEA.

The European Union has pledged to limit the impact that its trade confrontation with the United States will have on Norway, a significant exporter to the EU. This announcement from European Commission President Ursula von der Leyen on Monday comes as a reprieve for the Nordic nation.

This development follows U.S. President Donald Trump's imposition of extensive tariffs on imports. These measures include a 20% tariff on EU goods and a 16% tariff on those from Norway. Despite being part of the EU's single market, Norway is neither a member of the EU nor its customs union.

Concerns have risen that EU retaliatory tariffs could negatively affect Norway. In a bid to prevent this, von der Leyen emphasized close collaboration with Norwegian Prime Minister Jonas Gahr Stoere to mitigate any mutual impacts, given that a majority of Norwegian exports, particularly oil and natural gas, are destined for the EU, under the European Economic Area treaty.

(With inputs from agencies.)