Norway’s Finance Minister Jens Stoltenberg said he sees no reason for the country’s $2.1 trillion sovereign wealth fund to exit US markets now amid geopolitical turbulence that threatens to split the transatlantic alliance.

Vladimir Putin’s Ukraine negotiator has taunted Sir Keir Starmer over Donald Trump’s Greenland tariffs, hailing the US president’s threats as an end to transatlantic unity.

Norway’s long-cherished independence has suddenly left the proud Nordic nation vulnerable to coercion, tariffs, and even threats to its €1.8 trillion sovereign wealth fund

Under Section 892 of the US tax code, foreign governments and their controlled entities — a category that includes SWFs and some public pension funds — do not pay US tax on what the IRS categorises as investment activity. But they are liable for tax if they engage in what the IRS deems to be commercial activity.