Trump's tariff package worries Swedish companies
The US's latest tariff package introduces a 20% tariff on goods from the EU. The Swedish agricultural machinery company Väderstad already has production in the US and sees both challenges and opportunities ahead.
Väderstad Ab is a global agricultural machinery company with nearly 2,000 employees. Last year, it reported a turnover of just over six billion kronor. In a report from the Swedish national broadcaster SVT, the company’s global head of sales and marketing, Mattias Hovnert, shares his perspective on the tariff situation.
“Of course it’s concerning, both for us as a company and for global trade. In our case, there will be some impact since we have manufacturing and sales in the US and Canada,” says Hovnert.
He also points out that the tariffs are not expected to lead to cutbacks in Sweden.
“The tariffs have relatively little impact, as the deliveries we currently make from Sweden to the US represent a very small part of our total sales in the US.”
Sees growth potential in the US
According to Hovnert, the US market offers significant growth potential for Väderstad.
“It’s a very large market in our segment and in agriculture. We see potential to grow in the US, which is why we acquired a company and established ourselves there geographically.”
He adds that the company is working to produce and source components locally to minimize the impact of the tariffs on operations.
“We’ve also been somewhat prepared for this and made sure that critical deliveries were shipped before the tariff package takes effect,” he concludes.
