March 20, 2018 / 12:30 PM / 8 months ago

U.S. tariff proposals negative for Norway's wealth fund: central bank

Deputy governor of the Norwegian central bank Egil Matsen poses for a picture at the bank’s headquarters in Oslo, Norway, January 28, 2016. Picture taken January 28, 2016. REUTERS/Gwladys Fouche

OSLO (Reuters) - Protectionism and proposed tariff increases by the United States would be negative for an international investor like Norway’s $1 trillion sovereign wealth fund, the Norwegian central bank said on Tuesday.

“Increased protectionism - that is, obstacles on world trade - is a disadvantage for the Norwegian economy, and is also negative for an international investor like the oil fund,” central bank deputy governor Egil Matsen, who supervises the fund, told Reuters on the sidelines of a conference.

The world’s largest sovereign wealth fund is managed by a unit of the Norwegian central bank. It invests Norway’s revenues from oil and gas production for future generations in stocks, bonds and real estate abroad.

Worries about U.S. metals tariffs and looming trade sanctions have been in focus after President Donald Trump’s announcement this month on global tariffs.

Trump is expected to announce on Friday new tariffs directed at China.

Editing by Gwladys Fouche, editing by Ed Osmond

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