Therefore, staying put, as most private economists usually advise, still applies now.
"I think this is the winning strategy for most people," says SEB bank's private economist Américo Fernández.
Both he and Swedbank's chief economist, Mattias Persson, believe that stock markets will fall.
"This is not positive for risk-taking. It's difficult to see markets opening positively on this," says Persson.
Severe escalation
But a little calm is probably in order.
"Trump has had a tendency to change his mind, and in addition this issue is before the US Supreme Court - whether these tariffs can be used," Persson continues.
The experience so far from all of Trump's economic shocks is that after price drops, the stock markets soon reach new record levels.
"The market has had the ability to shake itself off. But I think this is a major escalation - against allies. Much will be determined by how the EU acts," Persson says.
"What has happened after every Trump speech, whether it's a week or a month later, is that there is some relief and positive news. And that's when these stock market records come," says Américo Fernández.
Jon Arnell, investment manager at Von Euler & Partners, adds:
"Yes, that's the pattern we've seen. I think the market will play it that way this time too."
But economists fear that uncertainty could affect the Swedish economy and the recovery that is underway.
Could open the door to interest rate cuts
"Households are gaining an increasingly stronger position and purchasing power in Sweden. This can be overturned now," says Persson, and he continues:
"Then perhaps the interest rate will fall further," Persson continues.
SEB economist Fernández reasons in a similar way.
"The biggest threat to the economy is if this uncertainty is reflected in households, who then do not dare to consume."
Cautious households can also have broader effects.
"It starts in the stock market and then shows up in savings behavior. Then it shows up in consumption and growth, and also in the housing market," says Fernández.
This could push inflation down further.
"Suddenly, in February, at the next interest rate announcement, it might open the door for another interest rate cut," says the SEB economist.
