Tariff War Draws Investment Warning From $160 Billion Novo Fund

The $160 billion fund behind Ozempic-maker Novo Nordisk A/S says President Donald Trump’s tariff war has created so much economic uncertainty that it now sees little likelihood it will move ahead with any big investments.

“Until there is more clarity on the prospects for economic growth, we will slow down our investment activities,” Kasim Kutay, chief executive officer of Novo Holdings, said in an interview. “We’re in the midst of uncharted waters.”

Since launching his trade war on April 2, Trump has subjected markets to a constant stream of headlines that have left investors lurching from deep ...