Stock Market Plunge after Trump's Tariff Announcement

The Stockholm stock exchange's downturn was reinforced after President Donald Trump's statement about doubled steel tariffs against Canada. At closing, the OMXS index is down 2.1 percent.

» Published: March 11 2025

Stock Market Plunge after Trump's Tariff Announcement
Photo: Anders Wiklund/TT

The message from Trump came during the afternoon and has made an impact on both Europe's leading stock exchanges and the New York Stock Exchange.

For Sweden's part, this means that most companies on the OMXS30 list ended up in the minus at closing.

Clothing giant and index-heavy H&M was among the biggest losers with a drop of 6.0 percent. At the bottom was also measurement technology company Hexagon, down 4.8 percent, and index-heavy truck manufacturer Volvo, which sank 4.5 percent.

In the opposite direction, defense company Saab stood out, rising 4.0 percent. Also, telecom operator Telia rose 1.2 percent.

Outside the large-cap list, a rise is noted for stock market newcomer Röko, which made its premiere on the Stockholm Stock Exchange today. The share rose 3.5 percent.

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By TTTranslated and adapted by Sweden Herald
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