Stoltenberg becomes Norway’s new finance minister amid fears of global trade war
Ex-NATO Secretary General Jens Stoltenberg shifts focus from military conflict in Europe to help Norway tackle a possible global trade war initiated by Donald Trump.
The re-entry into Norwegian politics of 65-year-old Jens Stoltenberg’s came as a major surprise as Prime Minister Jonas Gahr Støre on Tuesday announced his new ministers after the Center Party last week quitted the coalition over EU energy policy.
With the eurosceptic Center Party out, and Stoltenberg in, Støre’s Labor government is positioning itself to meet global political turmoil.
During his time in NATO, Jens Stoltenberg was known for having a constructive dialogue during Donald Trump's first tenure as president of the United States. Dialogue with the White House will not be any less important from Stoltenberg’s new Ministry of Finance office downtown Oslo.
Norway is not a member of the European Union, but stays closely connected via the European Economic Area (EEA) agreement. It is, however, uncertain how Norway will be protected if Donald Trump turns serious about imposing tariffs on imports from the EU.
The United States is Norway’s second largest export market after the EU and one of the largest for imports. The USA bought Norwegian salmon worth 10 billion kroner (€850 million) in 2024, according to Statistics Norway.
Stoltenberg was due from February to be the next chairman of the Munich Security Conference, a position someone else will now have to fill. At least for now.
"I will return to the Munich Security Conference and my other responsibilities when my time as Finance Minister is over," he writes in a press release.
Next parliament election is in September. Current polls give a clear majority to the conservative and liberal side.
Ukraine support
As NATO Secretary General, Stoltenberg strongly advocated for greater support to Ukraine. How his new position will affect Norway’s assistance remains to be seen. With profiting on higher gas prices, and sitting on one of the world’s largest sovereign wealth funds, Norway has by many been criticized for spending too little to help Ukraine win the war Russia started in 2014 and barbarically escalated in 2022.
Asked by Filter Nyheter about the Ukraine support at the press-conference after presenting the new ministers, Jonas Gahr Støre said his government is "closely following developments month-by-months."
Times of war and economic turmoil
The new finance minister's network of top political contacts in both Brussels and Washington D.C. is perhaps the main reason Jonas Gahr Støre decided to bring the former NATO-chief back to Oslo. Another reason is Stoltenberg's popularity in the Labor Party.
Jens Stoltenberg knows the corridors of the Ministry of Finance from way back having served as Finance Minister in 1996-97.
In the period 1993-1996, Stoltenberg was Minister of Industry and Energy, and he has been Prime Minister in two periods; first from 2000-2001, and then from 2005-2013.
The government reshuffle includes eight new ministers.
