🇮🇸 Iceland vs 🇦🇷 Argentina Tariffs — Import Duty Comparison (2026)

🇮🇸

Iceland

Section 122 Rate10%

Section 301N/A

Section 232 (Metals)50%

Trade AgreementNone

Trade Volume$2B

Base Effective Rate10%

🇦🇷

Argentina

Section 122 Rate10%

Section 301N/A

Section 232 (Metals)50%

Trade AgreementNone

Trade Volume$14B

Base Effective Rate10%

Product Overlap

Both countries export these product categories to the US:

Aluminum

🇮🇸 Iceland Advantages

+Unique export categories: Fish products, Ferrosilicon, Pharmaceuticals

🇦🇷 Argentina Advantages

+Higher US trade volume ($14B vs $2B)
+Unique export categories: Soybean oil, Crude oil, Gold

When choosing between Iceland and Argentina as import sources, US businesses must weigh tariff rates, trade agreements, product availability, and supply chain logistics.

Both countries face the same base tariff rate of 10% on most goods entering the United States.

Both countries export Aluminum to the United States, creating direct competition in these sectors.

In terms of trade volume, Iceland accounts for approximately $2B in bilateral trade with the US, compared to Argentina's $14B.

Both countries are subject to the 10% Section 122 tariff imposed on February 24, 2026, following the Supreme Court's ruling striking down IEEPA tariffs. This rate expires approximately July 24, 2026 unless Congress extends it.

Iceland's advantages include: Unique export categories: Fish products, Ferrosilicon, Pharmaceuticals. Argentina's advantages include: Higher US trade volume ($14B vs $2B); Unique export categories: Soybean oil, Crude oil, Gold.

With equivalent base tariff rates, the choice between Iceland and Argentina depends primarily on product-specific duties, shipping costs, lead times, and supply chain considerations rather than the base tariff rate.

Frequently Asked Questions

Which has lower tariffs — Iceland or Argentina?

Both countries face the same base Section 122 tariff of 10%. The difference comes from product-specific duties, Section 301 (China only), and Section 232 (metals).

Should I switch sourcing from Iceland to Argentina?

The decision depends on more than tariff rates. Consider total landed cost (shipping, insurance, customs fees), lead times, quality standards, minimum order quantities, and supply chain reliability. With equivalent base rates, focus on non-tariff factors.

Do both Iceland and Argentina face the same Section 122 tariff?

Yes, both countries are subject to the 10% Section 122 tariff imposed on February 24, 2026. This flat rate replaced the variable IEEPA tariffs struck down by the Supreme Court. It expires approximately July 24, 2026.

What products overlap between Iceland and Argentina exports to the US?

Both countries export Aluminum to the US. Iceland has total bilateral trade of ~$2B while Argentina has ~$14B.