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Investing.com -- Sweden’s Finance Minister Elisabeth Svantesson stated on Tuesday that a 10% tariff level is the best outcome the European Union can expect from negotiations with the United States.
"We have to reckon on 10% in any case. That’s the lowest we can expect," Svantesson told reporters.
The finance minister noted that Sweden’s economy remains weak due to tariff uncertainties, the ongoing war in Ukraine, and the conflict in the Middle East.
The Swedish government reduced its growth forecast for 2025 to 0.9% in June, down from the 1.8% projection made in May.
Despite these challenges, Svantesson emphasized that the economy is fundamentally strong. She added that robust government finances would allow Sweden to easily fund its rapid increase in defense spending, though this would limit room for other reforms in the autumn budget.
According to think tank NIER, the government has space for 34 billion Swedish crowns ($3.54 billion) in unfinanced measures in the upcoming budget bill, scheduled for publication in September.
Svantesson indicated the budget would prioritize strengthening households and increasing employment.
"It is not the time for tax hikes, quite the opposite in the current situation," she said.
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