12 months ago
US Senators Respond to Norway's Caterpillar Divestment
Imagine a big money fund in Norway that decided to stop investing in a company called Caterpillar.
This is because they don't like how Caterpillar's machines are being used in a certain area.
Some US politicians are not happy about this decision.
One senator, Dave McCormick, wants the US to consider steps like tariffs or limiting access to US markets to make Norway reconsider their decision.
Another senator, Lindsey Graham, also criticized the decision and proposed restricting visas for the wealth fund members.
The senators believe this is like economic warfare against the US.
The fund's decision was based on Caterpillar's machines being used by Israel.
Senator Dave McCormick urges White House to consider actions against Norway.
Norway’s sovereign wealth fund divested from Caterpillar Inc.
The fund's decision was due to Israel's use of bulldozers in Palestinian territories.
Senator Lindsey Graham also supports retaliatory actions.
McCormick said he had a discussion with the Norwegian Prime Minister about the decision.
- Who
- Senators Dave McCormick and Lindsey Graham
- What
- Are responding to Norway’s sovereign wealth fund’s divestment from Caterpillar Inc.
- Where
- United States and Norway
- When
- The divestment occurred recently.
- Why
- Because the fund cited Israel's use of Caterpillar bulldozers in Gaza and the West Bank.
Key facts
- Senator Criticizing
- Dave McCormick
- Company Divested From
- Caterpillar Inc.
- Fund Making Divestment
- Norway's Sovereign Wealth Fund
- Fund's Value
- $2 trillion
- Senator Supporting Retaliation
- Lindsey Graham
Quotes
Senator Dave McCormick
Pennsylvania Republican
“These decisions constitute a form of economic warfare directed by a foreign government against the US economy that has not been addressed in past trade negotiations.”
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Senator Lindsey Graham
South Carolina Senator
“I think they were as stunned as I was. What I’ll do is work on restricting visas for the wealth fund.”
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