Nordic Countries in January 2026: the most important developments in economy
In January 2026, the economic news across the Nordic countries was dominated by a trade dispute between the United States and Europe over Greenland. On 16 January President Donald Trump threatened tariffs on countries that did not support a U.S. effort to gain control of the territory, and on 17 January he announced new 10% tariffs on eight European nations, citing their opposition. The European Union warned of damage to transatlantic relations. By 18 and 19 January it was preparing retaliatory tariffs on roughly $93 billion of American goods, saying it would not be blackmailed while calling for de-escalation. Trump also threatened 200% tariffs on French wine. The EU halted ratification of a trade agreement with the United States and considered a "trade bazooka". On 21 January Trump dropped the tariff threat ahead of his trip to the World Economic Forum in Davos, and on 22 January he announced a new framework for negotiations over Greenland. The EU's work on the wider trade deal remained suspended at month end.
Financial markets moved with the dispute. European and U.S. stocks fell and gold reached a record high on 19 January; on 20 January the Dow Jones lost more than 600 points and the dollar weakened. Stocks rallied and gold retreated once the threats were withdrawn. In Denmark, shoppers used apps to boycott U.S. products. Sweden's finance minister called the country's economy "Trump-proof", and Swiss analysts voiced pessimism over the tensions.
Company and national economic news continued alongside. Ericsson announced about 1,600 job cuts in Sweden, roughly 12% of its local workforce. Finland recorded its highest number of bankruptcies in 30 years, while Finnish firms including Kemira and Metso expressed confidence in the Chinese market and China and Finland planned to deepen trade ties. Maersk resumed Red Sea operations after a ceasefire, a U.S. judge allowed Equinor to restart its offshore wind project in New York, and private equity firm EQT agreed to acquire Coller Capital for up to $3.7 billion.
by WorldBrief & Maksim Micheliov | AI-generated summary
Click a day in the chart above for that day's brief.