OSLO, Feb 4 (Reuters) - Former NATO chief Jens Stoltenberg, who assumed the position of Norway's new finance minister on Tuesday, emphasized the importance of engaging with the Trump administration on trade to avoid tariffs, as Europe prepares for potential trade tensions.
The appointment of the highly esteemed veteran politician and diplomat during a period of global trade tensions could potentially bolster Norway's struggling Labour government in the run-up to the parliamentary elections in September.
Stoltenberg stressed the need to actively communicate with the American counterparts, urging for direct dialogue similar to the approach taken with NATO. We are committed to making every effort to prevent the imposition of tariffs on Norway, stated Stoltenberg during his inauguration as the finance minister.
Having served as Norway's prime minister from 2000-2001 and 2005-2013, as well as heading the Western military alliance for ten years, Stoltenberg played a key role in persuading former U.S. President Donald Trump to maintain support for the alliance amidst criticisms about defense spending.
Norway, a non-EU country with a population of 5.5 million and an economy centered around exports, particularly in oil, gas, and fish, is wary of being adversely affected by a possible transatlantic trade conflict triggered by Trump's tariff threats.
The eurosceptic Centre Party of Norway's departure from the government coalition over EU energy policies has left the centre-left Labour Party in charge. With Labour facing a decline in popularity polls ahead of the upcoming elections, Stoltenberg's widespread appeal among Norwegians from his tenure at NATO and onwards could provide a boost to the party.
An economist by profession and a former finance minister from 1996-1997, Stoltenberg is recognized as a pragmatic centrist figure. Initially scheduled to assume the role of Norway's central bank chief in 2022, Stoltenberg opted to stay on as NATO chief at the request of then-U.S. President Joe Biden.
During his previous term as prime minister, Stoltenberg established the spending rule, which dictates that Norwegian governments should not exceed spending more than 3% of the total value of the sovereign wealth fund for national budgets, a decrease from the initial 4% threshold due to the fund's growth.