🇮🇸 Iceland vs 🇧🇷 Brazil Tariffs — Import Duty Comparison (2026)

🇮🇸

Iceland

Section 122 Rate10%

Section 301N/A

Section 232 (Metals)50%

Trade AgreementNone

Trade Volume$2B

Base Effective Rate10%

🇧🇷

Brazil

Section 122 Rate10%

Section 301N/A

Section 232 (Metals)50%

Trade AgreementNone

Trade Volume$92B

Base Effective Rate10%

🇮🇸 Iceland Advantages

+Unique export categories: Aluminum, Fish products, Ferrosilicon

🇧🇷 Brazil Advantages

+Higher US trade volume ($92B vs $2B)
+Unique export categories: Crude oil, Iron ore, Soybeans

Iceland and Brazil are both significant US trading partners, but their tariff profiles differ in important ways that affect import costs.

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

These countries have largely distinct export profiles to the United States, serving different market segments.

In terms of trade volume, Iceland accounts for approximately $2B in bilateral trade with the US, compared to Brazil's $92B.

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: Aluminum, Fish products, Ferrosilicon. Brazil's advantages include: Higher US trade volume ($92B vs $2B); Unique export categories: Crude oil, Iron ore, Soybeans.

With equivalent base tariff rates, the choice between Iceland and Brazil 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 Brazil?

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 Brazil?

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 Brazil 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 Brazil exports to the US?

Both countries export various products to the US. Iceland has total bilateral trade of ~$2B while Brazil has ~$92B.