Global Trade

In this article we consider the impact of the American administration's new import tax on steel and aluminium on a UK or IE landscape. Diving into the historical significance of steel, business challenges in the face of new tariffs, and export rates, and more.

Whether you are importing or exporting goods, and whether you are a buyer or a seller, the chances are high that you will encounter Incoterms.

Norway is not a member state of the European Union, but it is a member of the European Economic Area. This means that Norway sets its own tariffs on goods from outside the single market and at the same time, Norwegian goods are imported into the European Union tariff-free.

When goods are bought or sold “Delivery Duty Paid” (DDP) it means that the Seller delivers the goods to a place previously agreed to by the seller and the buyer. This can be any location. The agreed place of delivery (e.g. the terminal) needs to be specifically named.

The Union Customs Code (UCC) wants to promote international competitiveness and improve export opportunities. To facilitate this they have developed four special procedures:

In 2019 a new version of the Incoterms was released. Companies are now advised to use Incoterms 2020.

When goods are bought or sold “Carriage and Insurance Paid” (CIP) it means that the Seller delivers the goods to a destination previously agreed to by the seller and the buyer.

The International Chamber of Commerce has launched the latest version of the International Commercial Terms (Incoterms): Incoterms 2020.

When goods are bought or sold "carriage paid" (CPT), this means that the seller delivers the goods to a destination agreed in advance between the seller and the buyer. It can also mean delivery to the buyer's preferred carrier.