Abstract Using a large ensemble of simulations from the Polar Amplification Model Intercomparison Project (PAMIP) and phase 6 of the Coupled Model Intercomparison Project (CMIP6), we compare the response of winter-mean precipitation and daily extremes across the Northern Hemisphere to future Arctic sea ice loss and global ocean warming. The North Atlantic is simulated to become drier in response to future Arctic sea ice loss, with reduced precipitation intensity and more dry days. A wetting response to sea ice loss is simulated over the midlatitude Atlantic Ocean. These responses are robust across the eight models analyzed, albeit with differences in their magnitude and spatial pattern. The precipitation response to global ocean warming is broadly opposite in sign, but larger in magnitude, compared to the response to sea ice loss, over these regions. The precipitation responses to both sea ice loss and ocean warming are strongly related to coincident changes in storm density and intensity. More specifically, there is an equatorward shift of the North Atlantic storm track in response to sea ice loss, and a northeastern extension of the North Atlantic storm track and a weakening of the Mediterranean storm track in response to ocean warming. The linear combination of the responses of future Arctic sea ice loss and global ocean warming explain well the spatial pattern of the precipitation change at 2°C global warming projected in CMIP6. Our results suggest that the projected future precipitation change over the North Atlantic reflects a “tug of war” between Arctic sea ice loss and global ocean warming, but the latter dominates over the former.