US trade policy shifts

With tariffs set for 2 April, Swedish companies should move from reacting to planning – especially in sectors targeted by the current U.S. administration.

Steel and aluminium tariffs are expanding, with no exemptions or quotas. The EU has announced countermeasures, and energy storage projects will see further tariff hikes starting in 2026.

Last week, the U.S. imposed new tariffs on Mexico, Canada, and China, triggering retaliatory measures. However, goods covered under USMCA from Mexico and Canada received broad exemptions. The uncertainty surrounding these tariffs and evolving administration policies has fuelled recession concerns, as Republicans push a budget reconciliation bill that could pave the way for tax cuts

The U.S. has paused military aid to Ukraine, while Trump’s tariffs – 25% on Canada and Mexico, 20% on China – take effect, sparking retaliation. Swedish businesses face new tariffs, trade uncertainty and ESG shifts.

Trump’s new tariffs target broad negotiations, trade imbalances, and U.S. industry protection. Cleantech funding pauses may impact Swedish enterprises with U.S. government contracts.

The latest round of U.S. tariffs, announced by President Trump on 1 February 2025, sets the stage for major shifts in global trade. While Canada and Mexico have secured temporary pauses, these exemptions are due to expire soon, increasing the likelihood of further trade actions – whether through retaliatory tariffs or additional delays.