Nordic Outlook: Jens Magnusson | SEB & “How To Navigate Stormy Seas of Tariffs” with Lars Karlsson, Maersk

On Friday, 23 May, we had the pleasure of inviting our members to a breakfast event with SEB, focused on the evolving landscape of global tariffs and their implications. The morning featured two expert-led segments that provided attendees with insights and strategic perspectives.

Jens Magnusson, Chief Economist at SEB, started the session of by discussing SEB’s newly released Nordic Outlook. Drawing on his extensive expertise, Jens offered a comprehensive analysis of the current tariff environment and its broader impact on global trade. He highlighted a shifting foreign policy landscape that has introduced significant uncertainty for both producers and consumers. However, his overall message was cautiously optimistic. While a slowdown may be expected, a full-blown tariff recession is unlikely. He also emphasised that tariffs, while prominent, are only one part of a more complex global economic picture.

Following this, Lars Karlsson, Global Head of Trade and Customs Consulting at Maersk, presented “How to Navigate the Stormy Seas of Tariffs”. Lars provided a customs and trade-centric view, advocating for forward-thinking solutions such as increasing transparency in transport, and using trust badges for compliance visibility. His presentation underlined the importance of resilient and adaptive trade structures in a world of increasing unpredictability. As Lars aptly stated, “It is possible to turn every challenge into an opportunity.”

The event concluded with a lively Q&A session, during which attendees explored topics including the recent UK-EU trade deal and its implications for trade, segueing into a discussion on currency and free trade. The discussion reinforced a key theme of the morning: despite global uncertainties, crisis periods can become unique opportunities for innovation and transformation.

We extend our sincere thanks to all attendees for their engagement, to SEB for hosting us, and to both our speakers for sharing their expert insights. We look forward to continued collaboration and joint efforts to navigate this evolving period in global trade.