Trump's win raises concerns for Swedish businesses
Sweden’s stock exchange reacted less drastically to the US election than many had feared, but the business community here is holding its breath on what a Trump presidency will mean to Swedish businesses.
The Stockholm Stock Exchange was initially down by 3 per cent in the first few minutes of trading on Wednesday. One hour later it had recovered to minus 1 per cent, which was a less dire reaction than many had feared.
The USA makes up approximately 8 per cent of Sweden’s export market, and uncertainties over Trump’s policies has the business community worried about the future of the world economy.
“It’s deeply troublesome,” Carola Lemne, CEO of the Confederation of Swedish Enterprise, told TT news agency.
The European Commissioner for Trade Cecilia Malmström, of the Liberal Party, told Swedish Radio she thinks the US will become more isolated with the Trump presidency. But she was unable to say whether the president-to-be will affect TTIP, the proposed Transatlantic Trade and Investment Partnership between the EU and the US.
“It’s impossible to comment on that matter today. But it’s not exactly as though Trump has carried a free-trade friendly agenda,” Malmström said.