This newsletter contains news, updates and relevant information from the Swedish American Chambers of Commerce Inc.

WORDS FROM OUR CEO

Dear Friends,

You may have asked the question, and you may have fielded it: What’s next [post-Trump win]?

Well, plenty of aspects to dissect and predict. Follows a sampling thereof.

The US economy is strong. There is purchasing power. Of the 170 million strong workforce, 1/6 are in government jobs considered “stable and secure” (until…). There is also plenty of stimulus without the government. The Boeing strike for example entailed 35% wage increases in that company and pressures on others to follow suit are not unlikely. The now already forgotten Milton and Helen hurricanes ironically entail stimulus in the form of reconstruction.

If one accepts a heavy government debt, where Trump’s proposals are expected to increase debt by 7 ¾ trillion USD, the math between an 8-9% deficit and 65% of the population paying no income tax adds up. While the ECB and the Fed are hard at work fighting inflation, it has recently been sinking in the US from some 9% to some 7% despite otherwise purported by both presidential candidates. The inflationary pressures stem primarily from price hikes in the used cars, housing and construction material sectors. And certainly, the much-debated tariffs are expected to bring about inflationary pressure.

Yes, Tariff Man is back. He has promised/threatened with additional levies of 10-20% on top of existing tariffs across the board with that span being in the 60-100% bracket for goods from China. And 2000% tariffs if the car is imported from Mexico. SMEs which do not manufacture in the US are expected to be the worst affected. These include logistics and car part suppliers. We shall see if the tariff scenario motivates companies to move production to the US. Keep in mind that regardless, manufacturing inputs such as new car parts for example are shuffled over the border many a times in a production cycle. The bespoke EU retaliatory tariffs instituted during Trump’s first reign were suspended when Biden took power have been negotiated ever since. If there is no agreement by March, the EU will impose tariffs on a variety of goods. Meanwhile, the trade balance is in the EU’s favor. In particular with a view to traded goods, not as much if the services category is factored in.

Be that as it may. On the eve of Thanksgiving Day, let’s seek to take in the day and the moment and pause however briefly to reflect upon what we are thankful for. It is said that gratitude is a key contributor to happiness.

With that, be well and please reach out to SACC with your ideas and thoughts on how to further our Swedish American business community.

P.S. Let us know please if you’d like to feature in the 2025 edition of the Transatlantic Days in Stockholm on February 6 and in Gothenburg on February 20 by contacting us on memberservices@sacc-usa.org.

Karin Hammar

CEO 

Swedish American Chambers of Commerce USA, Inc. 

Interested in becoming a SACC-USA member?

Read more about our membership benefits and connect with us here!

NEWS FROM SACC-USA

Swedish Forum at the Consulate General of Sweden



SACC-USAs CEO Karin Hammar, along with two trainees, visited New York City in the beginning of November. Here, they participated in Swedish Forum at the Consulate General of Sweden in New York, where Consul General Erik Ullenhag reviewed the recent US presidential election, and highlighted perspectives of how Sweden might be impacted by the results.

From left to right: Emil Åkerblom, Deputy CEO of Mod:group; Karin Hammar, CEO of SACC-USA; Erik Ullenhag, Consul General of Sweden in New York; Helmer Broberg, Deputy Consul General of Sweden in New York.

Karin Hammar in a Sveriges Radio P1 Interview

Karin Hammar, CEO of SACC-USA, was recently interviewed on the nationally broadcasted radio station P1. The interview covered the current state of the bilateral relations between Sweden and the United States, as well as the potential developments in this relationship following the inauguration of President-elect Trump, primarily in regards to trade.

Listen to the interview here (in Swedish).

Karin Hammar in a Bonnier News Interview

Not only did Karin Hammar do a radio interview, but the day following the election she also did a news letter interview with Bonnier News, where they talked about the election results and the relationship between Sweden and the United States.

Read the full interview here (in Swedish).

Young Professional Visit at the World Bank HQ

Trainees from SACC-USA and SACC-DC, along with external SACC-DC Young Professionals, visited the World Bank HQ here in Washington D.C. to learn first-hand about their work and mission. Chairman and Advisor to the Executive Director, Martin Holmberg, and JPO Amira El-Bidawi, graciously gave a guided tour throughout the headquarter, including the board room, held an insightful presentation and sparked many inspiring conversations.

A special thanks to SACC-DC for organizing, and to Martin Holmberg and Amira El-Bidawi at the World Bank for hosting this group of young professionals.

SACC-USA Business Award 2024-2025

Inspired by the Gasell Award from the Swedish business daily Dagens Industri, the SACC USA Business Award is presented annually at the SACC USA Executive Forum. The winning company will receive a unique Kosta Boda Orrefors prize, deliver a keynote speech at the Executive Forum in Washington, D.C., and be interviewed by Dagens Industri.

"We recognize these companies as unsung heroes, particularly those with the greatest growth potential," said André Persson, Jury Chair for the SACC USA Business Award. "With around 2,000 Swedish companies creating over 300,000 jobs in the U.S., it's important to acknowledge how they contribute to both the U.S. economy and the Swedish prosperity, enhancing the brand of Sweden."

As Sweden's third-largest trade partner, the U.S. is vital for Swedish commerce, especially following Sweden's recent NATO membership. The nomination process is now open until April 8, 2025, with the jury aiming for more than 20 candidates to consider.

"SACC USA boasts an extensive network. If anyone can identify and support these companies, it's our chambers, with their boots on the ground across this vast country. Help us find next year's winner!" added André Persson.

Read more about the SACC USA Business Award here.

FACT SHEET 

Who Can Be Nominated to SACC USA Business Award?

The award targets fast-growing Swedish SMEs in the U.S. Nominees must meet the following criteria:

• Nominations will be based on the four most recent annual reports from 2020-2023.
• Turnover in 2023 must have doubled since 2020.
• Annual sales exceeding $1 million.
• A minimum of ten employees, with the majority based in the U.S.
• At least doubled sales compared to the previous year.
• Sustained sales growth over the past three years, emphasizing organic growth.
• Overall financial stability.

COMPANY SPOTLIGHT: ELEIKO

Eleiko, the winner of SACC USA Business Award 2023-2024, is a Swedish company renowned for its high-quality strength training equipment.

Since 1957, Eleiko has been producing precision-engineered training gear celebrated for its durability and performance. Their barbells and weight plates are frequently used in international competitions and have contributed to over 1,000 world records in weightlifting alone.

Eleiko is committed to minimizing its environmental impact through sustainable design and material selection. The company has implemented waste reduction strategies and actively collaborates with suppliers to ensure ethical and environmentally responsible practices throughout its supply chain.

With a long-standing tradition of innovation in strength training equipment, Eleiko develops its products in close collaboration with athletes to meet the demands of strength training while setting new standards for safety, comfort, and performance. One notable example of this innovation is the Eleiko Öppen Collars, which have received multiple design awards, including the Red Dot Award and Sveriges Stora Designpris 2023, for their user-friendly and functional design. These achievements underscore Eleiko’s dedication to delivering high-quality, functional products to strength training enthusiasts worldwide.

Tidningen Näringslivet recently published an article about Eleiko and their successful establishment in the U.S. You can read the full article here (in Swedish).

POLICY CORNER

Erik Brattberg

Erik Brattberg is an Associate Partner at Albright Stonebridge Group, part of DGA Group, based in Washington, DC. He is also a Nonresident Senior Fellow at the Atlantic Council's Europe Center. A recognized expert on European politics and transatlantic relations, Mr. Brattberg previously served as Director of the Europe Program at the Carnegie Endowment for International Peace and has been affiliated with several other leading think-tanks on both sides of the Atlantic. He regularly publishes articles in major newspapers and provides commentary to major news outlets. Originally from Sweden, he holds a master's degree in international relations from Georgetown University School of Foreign Service. 

Trump Presidency Impact for U.S.-EU Relations: What to Watch

Initial Reactions from Europe

European governments had been quietly preparing for Trump’s potential return to the White House for months. As part of this exercise, they reached out to top advisors in the Trump orbit, seeking to better understand Trump’s policy priorities and make diplomatic inroads with his team.

Following Trump’s decisive election win, European leaders were quick to congratulate the new President-elect. Initial phone conversations between President-elect Trump and European leaders overwhelmingly struck a positive tone. French President Emmanuel Macron, who already knows Trump well from his first term in office, stressed with Trump the importance of working together “to face common challenge” and the two pledged to stay in close touch. Similarly, European Commission President Ursula von der Leyen praised her “excellent” phone call with Trump which covered defense and Ukraine, trade, and energy. 

The EU has expressed strong interest in pursuing a positive agenda with the incoming U.S. administration. To this end, Brussels is currently fine-tuning proposals to engage Trump on security and defense, economy and trade, technology, and China. While European leaders are privately concerned that Trump’s election will upend the status quo in transatlantic relations in several crucial areas, Europe’s strong dependence on continued U.S. support for NATO and Ukraine means they will likely seek a fine balance with the Trump administration to avoid a rift in the relationship.

European leaders hope to stay unified in the face of potential policy shifts from Washington but doing so may be challenging given Europe’s own fragile political situation. Ongoing discussions in the EU about how to increase economic competitiveness and industrial policy aligned with the recommendations in the recent report by former Italian Prime Minister Mario Draghi will intensify. However, finding agreement on far-reaching steps will still prove challenging. Far-right leaders such as Hungary’s Prime Minister Viktor Orban, a strong Trump backer, may feel emboldened by Trump’s win. Maintaining unity on issues like EU reform or Russia sanctions could become even harder as a result.

In addition to the continent’s struggles with a stagnating economy and the ongoing war in Ukraine, a collapsing German government coalition has triggered new federal elections in late February and France’s Macron is in a weakened position after snap elections earlier in the year. As President von de Leyen attempts to hold the EU together, lack of political leadership in key member states would make it harder to respond to potential disruption in U.S. policy.

Read the full article here, covering Top Issues to Watch, including Diplomatic Relations, Trade, and Security and the Ukraine conflict.

INTERVIEW OF THE MONTH: ROGER CARLHAMMAR

Hi Roger,

Could you start by telling us where your company is located, and how you come to the USA?

My company, MLTPLY LLC is based in Washington DC. I have more than 25 years of experience in the software industry, with three listed companies and four startups as a background and have traveled in and out of the USA since 1994. Indeed, the software market in the USA is the largest in the world. I moved to the USA in 2012, became an American citizen and established myself locally.

Interesting! What is your background?

I have a Master of Science degree from KTH, the Royal Institute of Technology in Stockholm and have studied Special Mathematics in Paris. I was born in Sweden and I am an American citizen. My mother is from France and I have Swedish an French as mother tongues. I also speak Dutch and Danish fluently. I have worked in Sweden, France, Belgium, Switzerland, Holland, Norway and the USA of course. I have spent considerable time in Southeast Asia and the Far East for my various assignments and jobs.

Wow, you have been to a lot pf places! Could you tell us more about what types of services do you offer?

I help European companies with market development and establishment in the USA. Usually, the company has a good product and a few small customers in the US as a reference. I help the company sell into large referral customers, which significantly increases the valuation of the company. Often the company is sold after a few years to an investment or private equity group or in the market segment, and I can also be instrumental in this step. In addition, I have many years of personal experience in how to establish oneself personally in the USA, the Green Card and the naturalization process, as well as things like health insurance, Medicare, etc., and can help find the right way in these complicated processes.

Sound like you have found the right niche! Any other details from your life in the US that you would like to mention?

I have many interests outside of work. In winter time, I work weekends as a Ski Patroller at a ski resort located in Pennsylvania an hour and a half from DC. I also like to sail in the USA, and go for a few weeks during the summer to the south of France with my son to see the family there. I am also a Tour Docent at a private art museum in DC, where I organize presentations of the museum.

Thank you so much for sharing all of this with us!

Learn more about Roger and MLTPLY LLC here.

EURAXESS

On Friday, November 8th, SACC-USA, in collaboration with SIREUS, participated in the EURAXESS conference hosted by the Turkish Embassy. EURAXESS is a European Commission initiative that supports researchers by providing resources, networking opportunities, and a platform to connect internationally. It facilitates access to research jobs, funding, and collaboration across Europe and beyond, fostering researcher mobility and driving global research innovation. Similar to SIREUS, EURAXESS promotes the concept of “researchers in motion,” helping to advance international cooperation and innovation in science and technology. 

The event took place at the Turkish Ambassador’s residence, featuring several speakers and panel discussions, followed by a networking session. SACC-USA and SIREUS had a table at the event, where we showcased our programs. Jackson Howard and Derya Büyüktanır Karacan, both regional coordinators for EURAXESS North America, delivered welcoming remarks, which were followed by speeches from Sedat Önal, Ambassador of Türkiye to the United States, and Florent Bernard, Science Counselor at the Delegation of the European Union to the U.S. 

The panel discussion included diverse perspectives from various countries, diaspora networks, and research offices. Sweden was represented by Maria Brogren, Counselor for Science and Innovation at the Embassy of Sweden, who shared her insights on the importance of functional networks for researchers coming to a new country. She highlighted the crucial role of diasporas, serving as key bridges between countries, and emphasized the value of having a global network. These connections not only enhance Sweden's policy development but also offer vital feedback on the effectiveness of research initiatives. While Sweden may not yet have dedicated networks for researchers, the country benefits from active alumni networks in the US and the SIREUS project, which serves a similar function. 

Read more about SIREUS and EURAXESS.

ARTICLES FROM SACC-USA INTERNS

Sustainable Battery Mining: Meeting Carbon Neutrality Needs By 2050 

As our global resource needs shifts toward a reliance on electric vehicles and low-carbon emission solutions- we must remain wary of the environmental destruction that the production of lithium batteries and the mining of their required precious metals can cause tremendous environmental damage. In the near future countries and companies will pledge to a net-zero carbon emission plan goal to be achieved by 2050. This tremendously ambitious goal will result in an increase in demand for rare earth minerals by a factor of 6. This will cause the global demand to increase from 8 billion metric tons of rare earth minerals a year to nearly 40 metric tons. The question now becomes how to meet this demand while minimizing damage to the environment.

Image source

According to Reuters, Indonesia supplied more than half the world's nickel ore last year. Large scale nickel mining operations in Indonesia have contributed to widespread deforestation and environmental damage, already demonstrating a failure on the part of EV manufacturers to control the environmental impact of their mineral acquisition operations. It was estimated that this Indonesian deforestation contributed to carbon dioxide emissions equivalent to 450,000 internal combustion cars. Tesla and many other flagship electric vehicle companies rely on these established operations to supply the metal in its electric vehicle batteries. With ecological regulations bringing light to labor exploitation in the supply chain, the damage that deforestation brings, and the rising demand for minerals- many companies are looking towards the Blue Economy for answers.

Image source

Companies in the Western Hemisphere are looking towards new technological developments to meet precious metal demands without using traditional mining methods. New forms of underwater mining have shown to be cleaner, and more efficient. These methods also reduce labor exploitation in the supply chain by shifting operations from developing countries to the ocean. Still, underwater mining has raised questions with scientists about the potential damage they can cause to underwater ecosystems. The impact will need to be carefully researched in order to protect the health of the ocean’s ecosystems.

The United Nations International Seabed Authority (ISA) distributes the permits to explore deep sea mining in international waters in accordance with guidelines that ensure all countries receive equitable access to the resource rich areas. Disagreements with how these guidelines should be written have caused a standstill which has resulted in the ISA having until 2025 to release a full new set of guidelines regarding mining practices. Because the green energy transition will need a consistent and abundant supply of critical minerals, many countries have already unveiled their plans to begin deep sea mining operations. In January 2024, Norway began a process to open its own waters for exploration of deep sea mineral resources. The Island Nation of Nauru is leading the charge for exploration and extraction with support from Germany and Canada, alongside the European Parliament who have called for national and regional moratoria. The ecological concerns regarding the sediment plumes these machines create are: damage to the reproductive cycle of deep sea life, impacts on deep sea food chain and food security, changes in the oxygen content, and a rise in the water temperature. Another concern scientists are voicing is the risk to the ocean as the world’s largest carbon sink - absorbing around 25% of all global carbon dioxide emissions. Damage to the oceans ecosystem through underwater mining operations may reduce biodiversity, and these deep sea creatures play a crucial role in regulating climate by sequestering carbon and reducing carbon emissions.

Mineral and rare earth element supplies worldwide must grow to meet rising global demands, and due to the early stage of deep sea mining, as well as the harms related to terrestrial mining, there is no simple answer to meeting this need. In the ongoing development regulations for deep sea mining, the International Seabed Authority and additional stakeholders have the rare opportunity to do some research before they allow operations to continue. Instead of first mining to extract the resources and then addressing the consequences, this is a chance to run tests and collect data on the zones already affected by existing operations. With the right environmental safeguards, undersea mining may offer a means to exploit an as-of-yet underutilized source of rare earth minerals.

Written by Cian Mc Donald, November 2024.

TALENT MOBILITY

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