Norway's finance minister warns of trade war 'triple squeeze'
Speaking at the conference this weekend, Jens Stoltenberg, the country's finance minister, warned that tariffs and counter-tariffs could rock the country.
'Norway could be hit by a triple squeeze. First, we could be hit by tariff walls in the US, which affect companies that sell goods from Norway to the US. Then, we could be hit if the EU implements countermeasures and [Norway] comes outside of them. Then we fall between two chairs,' he said at the Munich Security Conference on Sunday.
'Thirdly, Norway could be affected by a comprehensive trade war that could affect growth in the world economy with rising prices and interest rates. This would also affect the Norwegian economy,' Stoltenberg added.
The tariffs, set to take effect on March 12th, will apply without exception, according to Trump, who also hinted that they "could be higher."
European Commission President Ursula von der Leyen has said the EU would retaliate against sanctions.
Norway has access to the European Single Market through the European Economic Area Agreement, but it is not a part of the customs union – meaning it could also be subject to EU tariffs.
The country's government has been working to strike a deal with the EU that would exempt Norway from counter-tariffs. During the conference, Stoltenberg met with EU Trade Commissioner Maros Sefcovic.
'He is an old friend and one who understands the Norwegian points of view,' Stoltenberg said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Local Norway
a day ago
- Local Norway
Which European countries currently have Schengen border checks in place?
The borderless Schengen area guarantees free movement to tens of millions of EU citizens, residents and visitors. It recently celebrated its 40th anniversary , and after originally starting with just five countries signing a convention pledging to 'gradually abolish' internal borders checks and allow people to travel around freely, today the Schengen area includes 25 of the 27 EU member states and the four countries of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland). According to the EU Council website, the Schengen area covers over 4.5 million square kilometres with a total population of almost 450 million people. Every day around 3.5 million people cross the Schengen internal borders for work, study or visits, and almost 1.7 million people reside in one Schengen country while working in another. Under the Schengen Borders Code, which sets the rules governing the Schengen area, internal border checks can be temporarily restored where there is a 'serious threat to public policy or internal security', from the organisation of a major sport event to a terrorist attack. These checks should be a 'last resort' measure, should be limited to the period 'strictly necessary' to respond to the threat and not last more than 6 months. In exceptional circumstances, internal border controls can be reintroduced for a maximum of two years. Several members of the bloc have reintroduced temporary border controls in recent years. The full list of countries that currently have controls in place is available here . READ ALSO: Schengen hits 40 - What problems lie ahead for Europe's border-free zone? Advertisement According to European Commission information, the following European countries have reintroduced temporary border checks for the following dates: Spain - 27/06/2025 – 05/07/2025 - IV United National International Conference on Financing for Development in Sevilla (30 June – 3 July 2025); land borders with France and Portugal, internal air borders of Alicante, Almería, Barcelona, Bilbao, Girona, Granada, Madrid, Málaga, Murcia, Sevilla and Valencia; internal maritime borders of Barcelona, Málaga and Palma de Mallorca. Italy - 19/06/2025 – 18/12/2025 - Continued threat of terrorist infiltrations into migratory flows along the Western Balkan route, ongoing crises in the Middle East and Ukraine, high level of irregular migration including a strong presence of criminal smuggling and trafficking networks, and heightened security risks associated with the Universal Jubilee of the Catholic Church; land borders with Slovenia. Italy - 19/12/2024 – 18/06/2025 - Continued threat of terrorist infiltrations into migratory flows along the Mediterranean route and the Balkan route, ongoing crises in Eastern Europe and the Middle East, increasing migratory pressures and the risk of terrorist infiltration, risk of violent actions against Israeli citizens and terrorist activity, and heightened security risks associated with the Universal Jubilee of the Catholic Church; land borders with Slovenia. Austria - 12/05/2025 – 11/11/2025 - Threats associated with the continued high levels of irregular migration and migrant smuggling across Austria's southern borders, as well as the strain on the asylum reception system and basic services, Russia's ongoing war of aggression against Ukraine and the security situation in the Middle East, intensifying the threat posed by Islamist extremism and terrorism; land borders with Hungary and Slovenia. Austria - 16/04/2025 – 15/10/2025 - Threats associated with irregular migration, such as via the Balkan routes (including expected migratory pressure), as well as the strain on the asylum reception system and basic services, Russia's ongoing war of aggression against Ukraine, and the security situation in the Middle East aggravated by terrorist groups; land borders with Slovakia and Czechia. Advertisement Denmark - 12/05/2025 – 11/11/2025 - Serious threats to public policy and internal security posed by possible sabotage actions from Russia, as well as continuous terrorism-related events and organised crime, notably, tied to the Israeli-Hamas conflict and driven by radicalisation from groups such as Islamic State and Al-Qaida. These threats include potential attacks on Jewish and Israeli targets; land and sea borders with Germany but may extend to all internal borders. Norway - 12/05/2025 – 11/11/2025 - General threat aimed at the energy sector, threats of sabotage posed by the Russian intelligence service, as well as to increase infrastructure protection; ports with ferry connections to the Schengen area Sweden - 12/05/2025 – 11/11/2025 - Serious threats to public policy and internal security arise from organised cross-border crime and terrorism, highlighted by attacks involving military-grade explosives against foreign institutions and the public, including the involvement of foreign state actors leveraging criminal gangs, coupled with persistent threats from violent Islamist groups and individuals; all internal borders (land, air, and sea) and land borders with Denmark. Advertisement France - 01/05/2025 – 31/10/2025 - Serious threats to public policy, public order, and internal security posed by persistent jihadist threats, a rise in antisemitic attacks, the growing criminal networks facilitating irregular migration and smuggling, and irregular migration flows towards the Franco-British border that risk infiltration by radicalised individuals, as well as the irregular crossings on the Channel and North Sea borders, along with rising violence among migrants, particularly in northern coastal areas such as Dunkirk and Calais, leading to tense and perilous situations for both migrants and law enforcement; all internal borders (land, air, and sea) with Belgium, Germany, Luxembourg, the Swiss Confederation, Spain, and Italy. Germany - 16/03/2025 – 15/09/2025 - Serious threats to public security and order posed by continued high levels of irregular migration and migrant smuggling, and the strain on the asylum reception system. The impact of the global security situation (including Russia's war of aggression against Ukraine and the situation in the Middle East) on security and migration; land borders with France, Luxembourg, Belgium, the Netherlands, Denmark, Austria, Switzerland, Czechia, and Poland. READ ALSO: How long can Germany keep its border checks in place ? Advertisement Slovenia - 22/06/2025 – 21/12/2025 - Serious threats to public policy and internal security posed by a high level of terrorist threats and organised crime, including human smuggling and arms trafficking, the risk of terrorist infiltrations into migratory flows via the Western Balkans, hybrid threats from the Russian Federation and Belarus, as well as instability in the EU's neighbourhood, including Russia's ongoing aggression against Ukraine and instability following the fall of Assad's regime in Syria; land borders with Croatia and Hungary. The Netherlands - 09/06/2025 - 08/12/2025 - Serious threat to public policy caused by high levels of asylum applications, irregular migration, migrant smuggling, and secondary movements, leading to an overburdening of the migration system in general and the asylum system in particular, as well as pressure on public services, including housing, health care and education; land and air borders with Belgium and Germany. Bulgaria - 01/01/2025 – 30/06/2025 - Security risks related to illegal migration, including smuggling activities, as well as migratory pressure caused by ongoing crises in the Middle East and Africa, particularly in Syria, Afghanistan, and Gaza/Lebanon; land borders with Romania. Slovenia - 22/12/2024 – 21/06/2025 - Serious threats to public policy and internal security posed by continuous terrorism-related events and organised crime, including smuggling and arms trafficking, the risk of terrorist infiltrations into migratory flows via the Western Balkans, and radicalised Islamists potentially entering European cities during the holiday season, as well as hybrid threats from the Russian Federation, Russia's ongoing aggression in Ukraine, Russian nationals attempting to illegally enter Slovenia; land borders with Croatia and Hungary.
Local Norway
2 days ago
- Local Norway
'General armament': Why police in Norway could soon carry guns
Can Norwegian police bear arms today? Police in Norway - like their counterparts in the IK (apart from Northern Ireland), New Zealand, Ireland, and Iceland - do not carry weapons when carrying out general duties. Weapons are locked in patrol cars or at police stations, with officers required to obtain permission from the chief of police or someone designated by him/her before they can collect and use weapons. Some specialized units, like the Emergency Response Unit, or Delta Force, are armed whenever deployed. Police can also be temporarily armed, as happened in 2024 when there was a widespread threat to mosques around the country during the Eid al-Fitr festival. READ ALSO: Police in Norway can now patrol streets with firearms What is the new law and when was it passed? The new law, Changes to the police law: armament in daily service, will give Norway's National Police Directorate the power decide to arm police officers firearms in their daily work. The directorate will be able to arm officers without any time limit and regardless of whether there is a severe threat - previously a condition for temporary armament. The directorate will also decide when officers should be unarmed, such as when working with children and youth, during school visits, preventive assignments, hospital security, contact with relatives, or when officers are testifying in court. The directorate can also decide to leave local police forces the right to make an assessment over when or whether armament is necessary. Advertisement When will the new law come into force? The justice ministry hopes that the new law will come into force some time in 2026, after which it will be up to police chiefs to set the terms and extent of arming officers, depending on location, timing and assignment. What's the rationale for the change? There is growing unease over gang crime in Norway, with 38 homicides in 2024, the highest number since 2013. Norway has also suffered several terror attacks over the past few decades, such as the 2022 Oslo shooting, the Bærum mosque shooting, and the 2011 twin attack on Oslo's government quarter and the island of Utøya. "There has been a change in crime patterns whereby organized criminal networks are now armed," Norway's justice minister Astri Aas-Hansen (Labour Party) told VG when she presented the proposal in May. "The police are encountering armed people out there, the threat situation has become sharper. And the police have been very clear in their professional advice to us." Police Chief Ida Melbo Øystese said: "I am grateful for the trust that politicians in the government and the parliament show when they place so much emphasis on the fact that we in the police believe that general armament has become absolutely necessary." Advertisement Who voted for the proposal? The change was passed with a large majority: 81 in favour and only 20 against. Only four of the country's 11 parliamentary parties opposed the proposal, the Social Left Party, the Liberal Party, the Red Party, and he Green Party. Ingvild Wetrhus Thorsvik, from the Liberal Party, said that by passing the law Norway had "crossed a line that marks a radical change for our rule of law". "With widespread arming, the police lose their civil character," she told Norwegian news agency NTB.
Local Norway
2 days ago
- Local Norway
Police in Norway can now patrol streets with firearms
Lawmakers overwhelmingly backed a proposal from the minority Labour government to allow the widespread arming of police. It will be up to police chiefs to set the terms and extent of arming officers, depending on location, timing and assignment. No exact date has been set for the law to come into effect but the country's justice ministry, which is in charge of internal security, is targeting sometime next year. "Everyone in Norway must feel safe. The police must be able to deal with constantly evolving crime," Justice Minister Astri Aas-Hansen said last month when the proposed law change was unveiled. Norway's crime rate is low compared to other countries around the world but is edging upwards. Advertisement The Scandinavian country, which is home to 5.6 million people, saw 38 homicides in 2023 -- the highest number since 2023, according to police violent crime figures. Currently, Norwegian police can only carry weapons for limited periods and in special circumstances. Normally, they are unarmed, although weapons may still be carried in the boot of their vehicle. Lawmaker Ingvild Wetrhus Thorsvik, whose centrist Liberal Party was one of the few to oppose the proposal, said Norway had "crossed a line that marks a radical change for our rule of law". "With widespread arming, the police lose their civil character," she was quoted as saying by Norwegian news agency NTB.
