We've slashed our 2025 GDP growth forecast for Denmark by 1.4ppts to 1.8%. We assume that the US government will impose a 25% tariff on its imports of pharmaceuticals in late Q2, which will significantly affect Denmark's growth outlook due to the importance of pharmaceutical production for the economy. Weaker global demand after US President Donald Trump stepped up the global trade war will also adversely impact Denmark's highly open economy, with exceptional business uncertainty weighing on investment planning.
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