Relating to the highest tariffs in over 70 years on imported goods to the USA was difficult enough for Swedish companies. When the agreement between the EU and the USA on 15-percent tariffs was finally signed – even if large parts remain – on Sunday evening, Swedish export companies still had something stable to relate to. They thought.
But a few hours before the deadline on August 1, the Trump administration announced that the implementation of the new tariffs would be delayed by a week, something that will apply to virtually all concluded agreements.
Cannot rule out
At the National Board of Trade, which is responsible for the established tariff hotline that companies can turn to, there is still confusion on Friday, August 1, when the tariffs were first intended to come into force.
I think the agreement between the EU and the USA is now being postponed for a week, but I cannot rule out that it actually applies from today, says Michael Koch, head of the Unit for Economic Analysis at the National Board of Trade.
Go into the list
Michael Koch believes that the agreement that applies is fixed on the tariff rate of 15 percent coming into force today, August 1, but has also seen information that the implementation of all tariffs except Canada is being postponed for a week, until August 7.
The only way to find out what applies is to go into the US customs authorities' lists, enter the commodity code for the product, and see what tariff rate applies for imports to the USA, Koch means. This is also the only thing he can currently advise anxious companies to do.
But we have not seen any such lists yet, he notes.
Concern among companies
Perhaps a potential delay in tariffs is simply about giving customs authorities time to enter the new tariff rates, Michael Koch reasons, who notes that someone must enter the political agreement into the systems.
The concern from the companies that are now contacting us is about what applies to their particular company and product, from today. In the best case, we can start answering that during the day. All we can say now is that companies will likely be met with a 15-percent tariff for their product to the USA, but everything comes down to individual products and individual codes. That's how tariffs are implemented, he says.
On the afternoon of Friday, August 1, Michael Koch announces that the National Board of Trade now assesses that the EU will also get a week's reprieve until August 7 before the tariffs come into force.
