The US Treasury Department is considering filing a currency manipulation case against Norway, according to a recent report. The move follows an assessment that Norway’s krone policy may have given its exporters an unfair advantage in global markets.
The potential action stems from a review under the 2015 Trade Facilitation and Trade Enforcement Act, which requires the US to identify countries that undervalue their currencies to boost exports. Norway’s central bank has kept interest rates low for years, a strategy that some argue weakens the krone and supports Norwegian industries like shipping and energy.
Economist Steinar Juel of Nordea told local media that many Norwegian exporters would prefer a temporary tariff over a prolonged legal dispute. He argued that accepting a tariff would be less damaging than facing restrictions under US trade laws. "The alternative is worse," Juel said, emphasizing the need to avoid prolonged uncertainty for businesses.
The US Treasury has not yet made a final decision. A spokesperson declined to comment when contacted by Reuters. The review process includes consultations with the International Monetary Fund, which assesses currency practices globally.
Norway’s finance ministry has not responded publicly to the allegations. The country’s finance minister, Jan Tore Sanner, is scheduled to meet with US officials next week to discuss trade and economic policies. Observers say the timing could influence whether the US proceeds with formal charges.
Source: e24.no