Trump’s tariffs shake global markets: Norway, Denmark, Australia, and Thailand push back

Norwegian Prime Minister Jonas Gahr Støre has expressed readiness to engage in negotiations with the United States regarding Washington’s newly imposed trade tariffs, should the opportunity arise.

Meanwhile, Danish Foreign Minister Lars Løkke Rasmussen has called for a "firm and proportional response" to the U.S. measures, Caliber.Az reports, citing foreign media outlets.

The announcement follows U.S. President Donald Trump’s decision to introduce "reciprocal" tariffs on imports, with a base rate of 10%. However, the specific tariff for each country will be adjusted to half of what they impose on American goods. Trump described the move as a "declaration of economic independence," aiming to utilize "trillions and trillions of dollars" to reduce U.S. national debt.

Under the new tariffs, Norway faces a 15% import tax, while Denmark, as part of the European Union, will see a 20% tariff on its exports to the U.S.

Norway’s response

“If an opportunity for negotiations arises, we will certainly seize it to defend Norwegian interests,” Støre told Norwegian broadcaster NRK. He described the situation as extremely serious, noting that the tariffs would impact numerous Norwegian businesses. However, when asked whether Oslo would impose retaliatory tariffs, Støre refrained from providing a direct answer, stating that "countermeasures are not always the best defense" and emphasizing the need for a well-thought-out approach.

Denmark’s position

Rasmussen, in a statement carried by Danish broadcaster DR, stressed that when the U.S. imposes trade tariffs, "we must stand together, protect our economic interests, and deliver a firm and proportional response." He warned that such trade restrictions would harm all parties involved and expressed his bewilderment over Washington’s decision to initiate a trade war with Europe.

Australia’s legal threat

Australian Prime Minister Anthony Albanese has threatened to invoke the dispute resolution mechanism under the Australia-United States Free Trade Agreement (AUSFTA), which has been in force since February 2004.

"The Australian people have every right to view Trump’s actions as undermining the free and fair trade relationship between our nations," Albanese said, as quoted by TASS. "The current trade agreement includes a dispute resolution mechanism, but we would prefer to resolve this issue without resorting to it."

United Kingdom’s cautious approach

The UK government has opted for a measured response, prioritizing continued negotiations for a trade deal with Washington. Business and Trade Secretary Jonathan Reynolds told TASS that "the U.S. is our closest ally, and our approach remains unchanged—stay calm and committed to securing this deal, which we hope will mitigate today’s developments."

Prime Minister Keir Starmer has also stated that he would avoid rash decisions in response to the tariffs but reaffirmed his government’s commitment to protecting the UK’s economic interests.

Unusual tariffs on uninhabited islands

In a peculiar move, the U.S. has also imposed a 10% import tariff on goods from the Heard Island and McDonald Islands, a remote Australian external territory in the Indian Ocean.

According to documents released by the White House, the archipelago, which has no permanent population, is home to diverse wildlife, including seals and large penguin colonies. Historically, it was inhabited only during the 19th century for hunting purposes, and today, it is visited only by tourists and research expeditions.

Thailand’s reaction

Thai Prime Minister Paetongtarn Shinawatra has assured the public that there is no need for concern over the new U.S. trade policy, which will result in a 36% tariff on Thai exports.

"Thailand has the highest import tax among ASEAN countries—36%—so we will have to restructure our import tax policies with the U.S. and set up a task force for negotiations," Shinawatra told Thai media outlet Thaiger. She added that discussions on tariff adjustments are ongoing, and there is no immediate cause for alarm.

Implementation timeline

Washington’s new country-specific tariffs will take effect on April 9 at 12:01 a.m. Eastern Time, targeting nations with which the U.S. has the highest trade deficits. Additionally, universal tariffs of 10% will be implemented earlier, coming into force on April 5 at 12:01 a.m. Eastern Time.

By Khagan Isayev