World’s biggest sovereign wealth fund warns markets at risk from tariff-fueled inflation

Nicolai Tangen, chief executive officer of Norges Bank Investment Management, during a news conference in Oslo, Norway, on Tuesday, Jan. 30, 2024. Norway’s $1.6 trillion wealth fund added to its bets in the biggest technology companies last year after interest in artificial intelligence drove a surge in the sector.

Bloomberg | Bloomberg | Getty Images

Inflation driven by tariffs is among the biggest market risks in 2025, Nicolai Tangen, head of the world’s biggest sovereign wealth fund, said Tuesday.

“I don’t think I should give any advice to the U.S., but if you look at the risk to financial markets, I think inflation is for sure one, all driven by tariffs,” the CEO of Norges Bank Investment Management told CNBC at the World Economic Forum in Davos.

This is a breaking news story and will be updated shortly.

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