For almost 100 years, Oso Hotwater has made hot water heaters, which are exported from Hokksund and Fredrikstad to Europe and the USA. On Tuesday, it was 100 days since Donald Trump became president for the second time. His policy makes it cold down the back of the hot water company, and when NHO Director Ole Erik Almlid visited them, he shared their concern. – We have now seen 100 days of Trump. What comes the next 100 days, we will now see. But I think it gets worse before things get better. If we are outside the European market and internal market, it can be very dramatic for Norway. But we hope that it does not happen, he says. Refuses Sigurd Braathen owns the family business OSO Hotwater. He talks about tense times. – We have built stone on stone throughout the years, and have done our best to get a Norwegian industrial company out into the world. What we are experiencing now is the most dramatic in many decades, he says. The NHO clearly sees the consequences of Trump’s tariffs. Several companies refuse investment. – We already see it, and it can be worse, if you get a trade war that just escalates, says Almlid. Different canteen talk at OSO Hotwater, they still screw together new hot water heaters, but they have turned the investment crane again. – We take significantly lower risk and invest much less. And it’s not as long as you have to keep going before the macro economy moves into a recession, says director Roy André Magnusen. He says they depend on a good export for the operation. – Then that exports should fall for various reasons, then there is a crisis. We notice it on the canteen talk, that there is uncertainty among the employees. But we do what we can to make sure. Looking a change on Tuesday, several business peaks were gathered in Norges Bank for the Oil Fund’s annual investor conference. There was one theme that was left among the participants news met: Donald Trump. – I’m sitting a little quiet for the time being, and looking for opportunities. But I haven’t taken big steps so far, said investor Celina Midelfart. Although several top investors do not move money out of the United States, the investment bank Nordnet has noticed a change with its person customers. – Since the end of February, we have seen that more and more customers are changing something about, and are taking some more funds into Europe. And maybe more out of the United States, says Nordnet chief Mari Rindal Øyen. Aksel Lund Svindal no longer has alpine skiing under his legs, but wants his investments to have a foothold in Norway. -I have not invested either in the US or other non-Norwegian countries in a long time. Published 30.04.2025, at. 10.01
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