Navigating Tariff Impacts: A Nordic Perspective with Vesa Hakanen and Jonas Roosberg

As global trade tariffs continue to reshape international markets, Nordic businesses face unique challenges and opportunities. The recent sweeping tariffs announced by the White House have introduced volatility and uncertainty that ripple through supply chains, procurement, and cost structures. To understand how Nordic companies can effectively navigate these changes, we spoke with Vesa Hakanen, Supply Chain Risk Manager for EMEA at Aon, and Jonas Roosberg, a key advisor in strategic risk management.

Key Tariff Challenges for Nordic Businesses

Nordic companies, known for their global reach and complex supply chains, are particularly exposed to tariff-induced disruptions. The region’s reliance on imports and exports, especially in sectors like manufacturing, technology, and maritime industries, means that increased costs and logistical complexities can quickly impact competitiveness.

"Tariffs change much faster than supply chains. In fast changing environment, the time is not on companies’ side. Playbook for this kind of situation should have been written in advance," says Vesa. "Tariffs create unpredictable cost pressures and supply chain risks. Companies need to reassess sourcing strategies, consider reshoring or nearshoring options, and strengthen risk management frameworks to maintain resilience."

Jonas Roosberg adds, "Most importantly, we are actively working and discussing this topic with our clients. Effective Enterprise Risk Management (ERM) and Business Continuity Planning (BCP) are crucial in navigating these challenges, maintaining operational resilience and financial stability."

The Nordic Advantage: Innovation and Sustainability

Nordic companies are well-positioned to turn tariff challenges into opportunities by focusing on innovation and sustainability. Reshoring manufacturing closer to home or within the EU can reduce tariff exposure while supporting green initiatives and local economies.

"Many Nordic businesses are already investing in sustainable supply chains," Vesa notes. "This not only mitigates tariff risks but also aligns with growing regulatory and consumer demands for environmental responsibility."

Workforce and Mobility Considerations

Tariffs also influence workforce strategies. Vesa explains, "Tariff-driven reshoring may require reskilling and mobility adjustments. Nordic companies should invest in workforce development to ensure employees have the skills needed for new operational models."

Practical Steps for Nordic Businesses

• Assess and Quantify Exposure: Understand where tariffs impact costs and supply chain flows.
• Diversify Supply Chains: Explore nearshoring and alternative suppliers within the Nordic region or EU.
• Enhance Insurance Coverage: Consider trade credit, political risk, and disruption insurance to manage volatility.
• Invest in Workforce Skills: Prepare employees for changes in operations through training and mobility programs.
• Leverage Sustainability: Align supply chain strategies with environmental goals to build long-term resilience.

Final Thoughts from Vesa Hakanen and Jonas Roosberg

"Tariffs are a complex challenge, but Nordic businesses have the tools and mindset to adapt successfully," says Vesa. "Strategic risk management, combined with innovation and sustainability, can turn uncertainty into competitive advantage."

Jonas emphasizes, "The use of tariffs by governments as an economic or political tool introduces significant business risks, including increased costs of imports and exports, market volatility, strategic shifts in global sourcing, and potential retaliatory tariffs. Effective ERM and BCP can help businesses navigate these challenges, ensuring they can continue to operate smoothly despite changes in tariff policies."

For Nordic companies seeking guidance on navigating tariff impacts, Aon offers tailored risk management solutions and expert advisory services to build resilient, future-ready supply chains. Contact Aon’s Nordic Supply Chain Risk Team to learn more about mitigating tariff risks and enhancing your business resilience.

For more information, contact:

Vesa Hakanen, Supply Chain Risk Management Leader, EMEA, Aon
vesa.hakanen@aon.com

Jonas Roosberg, Head of Aon Strategic Risk Advisory, Aon Nordic
jonas.roosberg@aon.se