Concerns Trump election might hit Icelandic exports

The advent of Donald Trump as new President of the United States could affect future American trade in Iceland exports, according to Iceland economists.

Americans are by far the biggest customers of Icelandic tourism service exports, spending ISK 95.5 billion (approx. $845 million) in dollars.

Economists from Icelandic bank Landsbankinn are concerned that Trump’s rather negative outbursts regarding international trade and cooperation during the presidential election campaign could have an effect on Icelandic export trade with the USA.

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78% of Iceland’s total exports to the USA are service-related, while 22% are exports of goods.

“It is impossible to say at this stage how much of [Trump’s stated intentions] will actually come about, and which of the new President’s decisions over the next period of office with have a direct and indirect impact on the Icelandic economy,” reads a new Landsbankinn report.

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