The Old Country Newsletter – We Don't Talk About Tariffs

Your Weekly Swede-ish

Todd Rundgren

Todd Rundgren, whose father was of Swedish descent, began his music career in 1967 with the garage rock band The Nazz. He went solo in 1969 and had his breakthrough with the 1972 album “Something/Anything?”.

His most famous song is “I Saw the Light,” which he wrote, performed, and produced himself. It has become a timeless classic with over 100 million streams on Spotify alone.

In 1974, he formed the prog-rock band Utopia and also gained recognition as a producer for artists like Meat Loaf, Patti Smith, and The Band. He played a key role in producing Bat Out of Hell, one of the best-selling albums of all time.

Stockholm Unveils Memorial Honoring Victims of 2017 Terrorist Attack

On the anniversary of the Drottninggatan terror attack, Stockholm has unveiled a heated bronze sculpture that blends art, poetry, and public memory.

Eight years after a terrorist drove a stolen truck down Drottninggatan, killing five and injuring many others, Stockholm has revealed a permanent memorial titled Fredad plats/Sanctuary. Designed by artist Ann-Sofi Sidén and architect Mats Fahlander, the sculpture takes the form of a bronze “blanket” draped over a concrete ramp at Sergels torg—the very steps that transformed into a sea of flowers in the aftermath of the attack.

The artwork, which is physically warm to the touch, aims to represent the collective love and resilience shown by Stockholmers in the days that followed. From afar, the piece invites quiet reflection. Up close, its seams are stitched with poetry from writers including Bodil Malmsten, Lars Norén, Dmitri Plax, and Nobel laureate Louise Glück.

The memorial has taken years to complete, partly due to its complex craftsmanship and tight budget. But for Sidén, the wait was worth it. “Poetry is sometimes the straw we cling to when everything feels dark,” she said. Fahlander adds, “Seams hold things together—and in this case, they hold words.”

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Sweden was significantly impacted this week by U.S. President Donald Trump’s imposed tariffs, which targeted imports from the European Union with a general 20% rate. These measures were part of the broader "Liberation Day Tariffs," which aimed to reshape the global trade balance in favor of the United States.

The Swedish government responded with concern. Finance Minister Elisabeth Svantesson stated that the country’s economic growth forecast would likely need to be revised downward due to the effects of the tariffs. The measures particularly threaten Sweden’s export-heavy industries, including steel and manufacturing, which are now facing higher costs and reduced competitiveness in the U.S. market.

Sweden's most popular stocks have suffered sharp losses in the recent market turmoil. Volvo, Telia and Investor are among those hit hardest. Sweden’s Seventh AP Fund, which manages the pension savings of millions of Swedes, has lost over 20 percent of its value—equivalent to approximately 270 billion kronor.

According to calculations by the Swedish National Board of Trade (Kommerskollegium), the new tariffs could lead to a reduction in Sweden’s trade with the U.S. by around 16 percent—affecting both imports and exports. For consumers, the tariffs apply to a range of goods, including various beauty products such as soap, deodorant, perfume, and shampoo.

In coordination with the EU, Sweden supported a joint response strategy. On April 10, the EU announced a 90-day pause on its planned retaliatory tariffs on U.S. goods, aiming to open a window for diplomatic negotiations. Sweden, as a member of the EU, backed this move in hopes of de-escalating the trade conflict and avoiding a broader economic downturn.

Experts highlight both direct and indirect effects. While the tariffs will primarily impact the U.S. economy, the global significance of the American market means the fallout could spread. A slowdown in the U.S. could influence economic conditions in Sweden as well, potentially affecting employment and triggering ripple effects throughout the economy.

Overall, the April 2025 U.S. tariffs have introduced a new wave of economic uncertainty for Sweden, highlighting the country's vulnerability to shifts in global trade policy and the interconnectedness of modern economies.