The Norwegian Sovereign Wealth Fund has been instructed to prepare for more threats from the United States.

A government-appointed advisory group has stated that Norway's $2.1 trillion sovereign wealth fund must step up its preparation for the increasing geopolitical risks. The three-person panel of experts, in a report released on Monday, indicated that there is growing evidence that tools such as tariffs, financial sanctions, and trade controls are being used to achieve geopolitical goals. The experts pointed out that the size and prominence of the Norwegian sovereign wealth fund further magnify these risks, with the political risks of its overseas investments increasing, potentially leading to higher taxes, regulatory interference, or even confiscation. This report comes at a time when the world's largest public stockholder is experiencing a period of turmoil. Last year, the fund faced strong public outcry over its holdings related to the Gaza conflict, prompting Norway's Bank Investment Management to divest several stocks, including Caterpillar, leading to anger from several US Republican lawmakers.