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Trump As President May Be Harmful for Norway

Norwegian economy can be harmed if the incoming US president Donald Trump puts in practice what he has promised, says Norwegian economists to NRK.
Trump As President May Be Harmful for Norway
Photo : Darron Birgenheier

As soon as Trump’s victory is clear, oil prices fell. If Trumps policy continues to keep prices down, it is a bad news for the Norwegian economy, which is dependent on oil prices, says Kari Due-Andresen to NRK. She is chief economist at Handelsbanken.

Due-Andresen says that Trump scares markets because of his harsh rhetoric.

- Donald Trump was a candidate who had been feared particularly in foreign policy. He has used a very aggressive rhetoric. He says he will punish countries that cheat and will bring punitive duties, said she.

Talking to NRK, another economists Jan L. Andreassen said that the mood in the stock markets is poor because the major listed companies are dependent on international trade. It is a system that Trump has said he will attack in favor of the United States.

Trump has said he will impose punitive duties up to 35 percent and has mentioned China, Mexico and Canada as countries that may be hit by punitive duty.

- It might lead to more protectionism and a weakening of world trade, it would be harmful for Norway as a small open economy that is very dependent on foreign trade. It will weaken the prospects for Norwegian foreign trade, said Due-Andresen.

World becomes more unpredictable and unsafe with Trump as president

Leading think-tank organziation of Norway NUPI researcher Julie Wilhelmsen, on the other, sees Trump’s presdiency as a threat for stability in international politics.

I would say that the world has become a more unpredictable and unsafe place with Trump’s victory, says Wilhelmsen to Aftenposten. 

- He is constantly dependent on showing enemies, and this will probably affect how the United States relates to the world, she says.

She claims there is a parallel in this sense between Trump and Putin. 

She is also supported by former intelligence chief Kjell Grandhagen. 

-The serious thing is that countries like China and Russia can now receive a greater room for maneuver, increased influence globally. These are countries that are not concerned with international law, Grandhagen said.

 

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