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Swedish-American Chambers of Commerce of the USA, Inc.
e-Currents
March 2026
| | This newsletter contains news, updates and relevant information from the Swedish American Chambers of Commerce Inc. | | |
Dear Friends,
Interest in the U.S. and the U.S. market remains strong. The Swedish American Chambers of Commerce USA, Inc. (SACC-USA) connects Swedish innovation and enterprise with the U.S. market. Through our network of regional chambers, we connect companies and individuals with opportunities at the state level, where most business decisions are made.
To mark the 250th anniversary of the United States, we are offering members 250 minutes of complimentary, tailored advisory services by U.S. experts. Such advisory is key when entering and navigating the U.S. market.
Membership also provides access to our programs and business development opportunities. The annual Executive Forum in Washington, D.C., will take place on May 1 in connection with the Select USA Investment Summit starting on May 3. Ambassador Christine J. Toretti is bringing a business delegation from Sweden to meet investors and state-level decision-makers at the Summit. You are welcome to contact us if you are interested in participating.
Commentators in the U.S. point to a complex domestic political landscape in which the Iran conflict has revealed divisions within the parties. Pundits speculate what a possible “offramp” might be for the President and as such a potential cease-fire. The U.S. dollar has strengthened against several currencies, including the Swedish krona despite earlier market doubts about the U.S. dollar’s traditional role as a safe-haven asset.
Investors weigh geopolitical risk, energy costs, and interest-rate expectations; despite initial volatility the U.S. indices (S&P 500, Nasdaq, and Dow Jones Industrial Average) have recovered much of their initial losses at the onset of the war with Iran. Strong U.S. economic fundamentals such as domestic economic data and corporate earnings (with Q1 just reported), have supported the market. Similarly, the U.S. economy remains relatively insulated from oil shocks, as the country is both an energy producer and a net exporter. Diesel prices in the U.S. have increased more than oil and gas prices. Diesel underpins freight, agriculture, construction, and industrial production, and these increases can, through supply chains, affect production costs across the transatlantic economy.
The U.S. Supreme Court recently ruled that the International Emergency Economic Powers Act (IEEPA) does not authorize the president to impose tariffs. Trade experts and lawyers will update our members on potential tariff refunds at our webinar on March 31.
The Executive Forum in Washington, D.C., on May 1 will take place under the Chatham House Rule for candid discussions and not-published insights. Seats are reserved for members and partners of the Swedish American Chambers of Commerce USA; to become one of them, we invite you to express your interest at program@sacc-usa.org
We appreciate the Swedish American business community and enjoy our collaboration; we look forward to staying in touch.
Warm regards, karin.hammar@sacc-usa.org +1 202 415 1899
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Interested in becoming a SACC-USA member?
Read more about our membership benefits and connect with us here!
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Executive forum 2026
We are happy to announce that this year’s Executive Forum will take place on May 1 at House of Sweden in Washington, D.C. Rich with audience interaction, Executive Forum brings together 100 guests and speakers from business, media, government, and security affairs. Held under the Chatham House Rule, the leading voices share not yet-published insights on the risks and opportunities emanating from the transatlantic relationship.
Seats are reserved for members and partners of the Swedish American Chambers of Commerce USA; to express interest in either, please contact the CEO at karin.hammar@sacc-usa.org or +1 202 415 1899.
| | Pictures from Executive Forum 2025 | |
Webinar Vinge X Pillsbury
Tariffs and Transatlantic Trade Challenges and Solutions: The State of US-EU Trade
| | SACC-USA Business Awards 2026 | | |
Nominations are now open for the SACC USA Business Award 2026, recognizing Swedish companies that have successfully grown, innovated, and created impact in the U.S. market.
The award highlights companies demonstrating strong commercial performance, innovation, sustainability and long-term commitment to Swedish-American business relations. Both SACC members and non-members are welcome to apply or submit nominations.
The winning company will be featured as sponsor and keynote speaker at the SACC USA Executive Forum 2026 in Washington, D.C. on May 28 — a visibility opportunity valued at up to USD 20,000.
According to Jury Chair André Persson, the award plays an important role in highlighting Swedish SMEs operating in the U.S.
“Swedish SMEs are building strong businesses in the U.S., creating jobs and bringing advanced innovation to the market. This award helps give these companies the recognition they deserve,” says André Persson.
He adds that Swedish companies continue to make a meaningful contribution to U.S. competitiveness and sustainability.
The nomination deadline is April 10, 2026.
Learn more and nominate: here
| | Winner of the SACC-USA Business Award 2025, XVIVO. | | |
Business Sweden Climate Survey
We would also like to highlight that Business Sweden is currently conducting Team Sweden’s annual Business Climate Survey for Swedish companies active in the United States. The survey aims to capture key opportunities and challenges in the market and helps strengthen the collective understanding of the business climate for Swedish companies in the US.
The survey takes approximately 12 minutes to complete. All responses are anonymous and fully compliant with GDPR regulations. The survey can be found here.
Thank you in advance for your support.
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SelectUSA is the U.S. government’s foreign direct investment promotion program, managed by the Department of Commerce, and once a year, all the states, federal agencies, service providers, lawyers and other establishment and investment experts are gathering at the Gaylord Resort at National Harbor, to welcome companies interested in entering or expanding in the U.S. market from all over the world. The U.S. Embassy in Stockholm will convene a delegation of select Swedish companies to participate in the Summit. The U.S. Ambassador to Sweden, Christine Toretti, will be leading this delegation, and we hope you will consider joining us.
The SelectUSA Investment Summit is for companies of all sizes – including already well-established multinational companies that are looking to expand or to discuss the status of their current U.S. investments; small or medium-sized enterprises that are in the process of opening their first office/manufacturing plant in the United States, and high-growth start-and scale ups looking to take the first step to the U.S. market. The United States is incredibly diverse, and the Investment Summit brings that diversity together in one place: allowing companies to find the people, the resources, and the market they need to be successful.
The Investment Summit is a four-day event that brings together corporate executives and investors from around the world, economic development organizations and other state representatives from across the United States, senior White House and Administration officials, subject matter experts and service providers. Participants will enjoy versatile networking opportunities; one-on-one meetings; moderated panels; and discussions on the latest trends in business expansion. In no other venue can you meet so many U.S. federal and state officials and business thought leaders in one place at one time.
We hope you will consider joining the Swedish contingent at the SelectUSA 2026 Investment Summit. For more information on the program and the different registration options, please contact Tuula Ahlstrom at the U.S. Embassy in Stockholm at tuula.ahlstrom@trade.gov
You can also browse the event website here!
| | MEMBER SPOTLIGHT - TRIATHLON GROUP | |
Swedish manufacturing outlook turns upward for 2026
2026 outlook
A negative trend in 2025 is expected to give way to a more positive 2026, with improvements and a gradual recovery. Growth is framed as modest and driven by stabilizing demand, with demand recovery expected in the first half of 2026. Global uncertainty remains, with market and geopolitical risks being emphasized.
Sentiment shift across indicators
The share of companies expecting declines drops sharply from 2025 to 2026 across all tracked indicators. For order intake and operating margin, decline expectations fall from roughly one in three in 2025 to low single digits in 2026. For revenue, workforce, and investments, decline expectations fall from roughly one in three to around one in ten, signaling a broad shift from weak expectations toward stabilization.
Demand and revenue signals
Order intake pressure is expected to ease, with about two thirds of companies expecting higher order intake in 2026, around one third unchanged, and only a small minority expecting a decline. Revenue expectations also strengthen, with around six in ten expecting higher revenue and only a small share anticipating declines in 2026.
Margins, workforce, and execution focus
Operating margins are expected to stabilize, with nearly all companies forecasting operating margins to either increase or remain unchanged in 2026, with increased volumes and operational efficiency cited as the main drivers. Workforce plans also point to stability, with most companies expecting headcount to remain broadly unchanged and a stated shift from workforce adjustments to improved productivity and capacity utilization.
Investments
The investment climate remains cautious but shifts modestly more positive versus 2025 as fewer companies indicate drawbacks. Investments are mainly directed toward manufacturing efficiency, although investment discipline remains a consistent theme.
Trade tariffs
Seven out of ten companies report direct impact from changes in trade tariffs and other trade barriers. Major near-term responses are limited, with most companies taking no measures or making minor adjustments. Over a 6–24-month horizon, longer-term measures remain limited, with most reporting no plans and a smaller share evaluating or implementing actions.
If you are interested in the full report (available in Swedish), read more here: Verkstadsrapporten 2025-2026
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Fredrik Wadsten
Senior Partner & VD
Triathlon Group
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Nordic Outlook: Tillväxt och marknader står emot utmaningar?
Makropodden
Jan 27
32 min
In this episode, Chief Economist Jens Magnusson and Head of Forecasting Daniel Bergvall guide you through the key insights of the new Nordic Outlook – from geopolitical turbulence to an economy that, despite everything, remains resilient.
A fast and sharp overview of the economic situation in the world and in Sweden.
Listen to the episode here! (In Swedish)
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Ekonomiska hybridhot med Karl Lallerstedt?
Geopodden
Feb 23
44 min 27 s
In this episode, Karl Lallerstedt talks about economic hybrid threats. We explore the most common types of economic attacks, how companies and institutions are affected in the short and long term, and the strategies required to prevent and counter these threats.
Karl Lallerstedt is a Senior Analyst at the European Centre of Excellence for Countering Hybrid Threats.
Listen to the episode here! (In Swedish)
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Trump's State of the Union 2026: Tariffs, Supreme Court Clash, Economy & Midterm Stakes
The White House Briefing Room
Feb 25
16 min
In this episode of The White House Briefing Room, Jon Decker delivers an insider breakdown of President Donald Trump's 2026 State of the Union address.
Broadcasting from inside the House chamber for his 30th State of the Union, Decker unpacks the key moments, political tensions, and policy priorities shaping the president's second term
Jon Decker is an American journalist and White House correspondent.
Listen to the episode here! (In English)
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Trade Guys
Latest episode- Feb 23
28 min
Trade experts Scott Miller and Bill Reinsch break down the buzz around trade, how it affects policy, and how it impacts your day-to-day. The trade Guys is a weekly podcast from the Center for Strategic and International Studies (CSIS), a nonpartisan think tank in Washington, D.C.
Listen to the latest episode here! (In English)
| | Claude AI May Make Analyst Groupthink Even Worse | | |
Published February 8
By Parmy Olson
The article argues that use of advanced AI models, such as Anthropic’s Claude, could increase the risk of reinforcing herd behavior among financial market participants. If many participants rely on the same AI tools, trained on similar data and built on similar underlying logic, their analyses and investment decisions may begin to converge. A well-functioning financial market depends on a wide range of independent viewpoints, but the widespread use of AI tools could standardize thinking. This may make it more likely that participants not only overlook Black Swan events, but also arrive at similar conclusions and investment strategies, thereby concentrating risk and amplifying market volatility.
(Somewhat ironically, this summary was generated with the help of AI.)
Read the whole article here!
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SACC-USA and its regional chambers are currently recruiting new trainees for the upcoming fall 2026 term. If you know someone who might be interested in an internship with SACC, please encourage them to explore all available positions here.
Is your company seeking to recruit talented trainees? Click the image below to learn more about our Talent Mobility Program.
| | Thank you for reading our e-Currents Newsletter! | | You can find our previous newsletters here | | | | |
