Norwegian Finance Minister Jens Stoltenberg has warned of significant economic uncertainty following U.

S. President Donald Trump's announcement of new tariffs.

The U.

S. will impose a 16% tariff on Norwegian goods, part of a broader global tariff policy.

Stoltenberg called this a major setback for free trade, emphasizing its potential to harm Norwegian businesses and increase inflation.

The Oslo Stock Exchange fell 2.04%, while U.

S. markets saw their steepest declines since 2020. Oil prices also plummeted, driven by reduced trade expectations and increased OPEC+ production.

Stoltenberg assured Norwegians that the government is prepared, highlighting the importance of maintaining economic stability.

He plans to address these issues at the upcoming G20 finance ministers' meeting.