The Norwegian sovereign wealth fund’s decision to divest from Caterpillar due to humanitarian concerns has sparked diplomatic tension with the United States. President Donald Trump’s administration expressed dismay over the fund’s reasoning related to the use of Caterpillar equipment by Israeli authorities in Gaza.
The fund, managed by Norway’s central bank, cited unethical use of Caterpillar’s products in the occupied territories, leading to this decision. A spokesperson from the U.S. State Department declared the fund’s decision illegitimate and stressed ongoing engagement with Norway’s government.
Amidst escalating global outrage over the humanitarian crisis in Gaza, Senator Lindsey Graham proposed retaliatory measures. Norway’s Finance Minister Jens Stoltenberg emphasized the decision’s independence, while discussions with the U.S. focused on trade, tariffs, and geopolitical issues.
(With inputs from agencies.)