17-02-2025
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.
