---
title: "Export Policy in the Trump Era | Wille Rydman | Negotiator 308"
summary: "In February 2025, Finland's Minister of Economic Affairs Wille Rydman and Sami Miettinen discuss how Finland can hold its own in a world where great powers deal bilaterally. At the centre is the ICE Pact: about 60 per cent of the world's icebreakers have been built in Finland and about 80 per cent designed there, and the Arctic needs of the United States and Canada open a billion-scale opportunity, even though domestic-build requirements slow the trade. Rydman justifies a new role for the state investor Tesi in direct investments by arguing that the market economy is broken by geo-economic competition and that the most promising growth companies are sold abroad too early. Miettinen asks who will manage the state's capital as an owner would. Finally Rydman sets out his Helsinki mayoral candidacy and his criticism of the city's planning. The article separates what was checked from the minister's and the host's views, and reports what happened after the episode."
datePublished: 2025-02-24
dateModified: 2025-02-24
originalLang: en
section: economy
sections: ["economy","society"]
authors: ["Sami Miettinen"]
tags: ["Neuvottelija","EP308","Wille Rydman","Sami Miettinen","Finns Party","Export policy","Trade policy","Industrial policy","ICE Pact","Icebreakers","Maritime industry","Jones Act","Donald Trump","Arctic","Finnish Industry Investment","Growth companies","Domestic ownership","Wallenberg family","Dual use","Defence industry","Helsinki","2025 municipal elections","Urban planning"]
canonical: https://www.neuvottelija.com/ai/ep308-trumpin-ajan-vientipolitiikka-wille-rydman/
---
# Export Policy in the Trump Era | Wille Rydman | Negotiator 308

# Export Policy in the Trump Era | Wille Rydman | Negotiator 308

> **Summary:**
> In February 2025, a week after JD Vance's Munich speech and Trump's phone call with Putin, Finland's Minister of Economic Affairs **Wille Rydman** explains how Finland should play in a world where, in his view, the rules-based order was always an illusion. Finland's strongest card is icebreaker expertise: the United States and Canada need Arctic vessels faster than they can build them. The second move is a new role for Finnish Industry Investment (Tesi) in direct investments, which Rydman defends as a believer in markets:
>
> *"I am, as a starting point, very strongly on the side of the market economy, but in the current geo-economic environment the market economy is a little broken."*
>
> That is the episode's main tension: two market liberals accept direct state investment, and the host asks who will manage that money as if it were their own.

## How to read this

**Who the participants are.** At the time of the episode [Wille Rydman](https://www.neuvottelija.com/podcast/guests/wille-rydman/) was Minister of Economic Affairs in Petteri Orpo's government for the Finns Party, and his party's candidate for Mayor of Helsinki in the April 2025 municipal elections, seven weeks away. He is a former member of the National Coalition Party (Kokoomus), and the episode covers his own portfolio: the icebreaker initiative and the reform of state venture investment. He is presenting and defending his own decisions. The final third of the episode is campaigning and should be read as such.

**The host's position.** Sami Miettinen describes himself as an investment banker with many friends in finance. In the episode he openly argues for replacing Finland's inheritance tax with a capital-gains tax at the point of sale, and says he previously appeared on the Finns Party's own channel with Rydman and Kyösti Kakkonen. This is therefore not an interrogation but a conversation between two people who think along similar lines, where the disagreements are small but real. The article brings them out.

**What the article does.** Statements are attributed by speaker. Checkable figures have been checked against public sources, and where they diverge, the divergence is reported rather than silently corrected. Claims about other parties' motives are a candidate's campaign rhetoric and are labelled as such. The article takes no position. Because the episode dates from February 2025, the end of the article reports what later happened to the icebreaker deal, to Tesi and to Rydman himself.

**Source.** The article rests on the publisher's own Finnish caption track and chapter list. Quotations are translated from spoken Finnish for sense, not verbatim.

---

## 1. The starting point: Vance, free speech and narrow fiscal room

The episode opens with JD Vance's speech at the Munich Security Conference (14 February 2025). In Rydman's view Europe values free speech in principle, but in practice *"there have been rather worrying tendencies"*, and Vance's speech contained *"a lot that is worth thinking about and waking up to"* for Europeans. Miettinen reads the shock it caused as a sign that European media had grown used to the Biden administration's line.

On taxes Rydman is more cautious than his host. He hopes the government's mid-term review will bring targeted tax cuts, but says the room is narrow: balancing the budget and the threat of the EU's excessive deficit procedure *"significantly narrow the room we have for tax cuts"*. Miettinen recalls that he and Kyösti Kakkonen had argued *"really aggressively"* in an earlier conversation for turning inheritance tax into a capital-gains tax.

## 2. The ICE Pact: why the United States needs Finnish icebreakers

The core of the episode is the icebreaker initiative that the United States, Canada and Finland call the ICE Pact (Icebreaker Collaboration Effort). Rydman's case has three steps:

1. **The Arctic has grown in importance,** and Russia dominates it with *"a perfectly capable, good icebreaker fleet"*. China is building its own capability; it is not yet in good shape, but *"the Chinese learn fast"*.
2. **Canada's expertise has decayed, America's even more so.** Rydman blames the Jones Act, in force for about a hundred years, which forces domestic construction.
3. **Finland is the natural supplier:** *"Of the world's icebreakers, as many as 60 per cent have been built in Finland and as many as 80 per cent designed here."*

**Checked.** The figures match a July 2024 release by the Ministry of Economic Affairs and Employment: Finnish companies have designed about 80 per cent of the world's icebreakers and about 60 per cent were built at Finnish shipyards. The initiative was launched at the NATO summit in Washington in July 2024, and the three countries signed a memorandum of understanding on 13 November 2024. As Rydman says, the memorandum is *"a loose initiative"*: it covers information exchange, workforce development, engagement with allies, and research and development, not orders.

Rydman also points to Project 2025, the programme drawn up by Trump's supporters, which he says *"already opens the door to the Jones Act being either amended or repealed altogether"*. **Checked:** the Heritage Foundation's *Mandate for Leadership* recommends serious consideration of repealing or substantially reforming the Jones Act. The document is not a government programme in the Finnish sense, however, and Trump has not committed to it.

*A clarification.* The Jones Act (the Merchant Marine Act of 1920) applies above all to domestic coastal shipping in the United States. The domestic-build requirement for Coast Guard and Navy vessels rests on separate provisions. Rydman's main point still holds: taken together, domestic-build requirements have withered American icebreaker construction, and getting around them is the legal precondition for the trade.

### The host's doubt and the minister's answer

Here the two genuinely differ. Miettinen suspects Trump will *"probably get excited about this Jones Act"*, because a domestic-build requirement is *"the perfect trade-war attitude"*. Shipbuilding would then be played out of Finland and Finnish know-how sold off, *"hopefully at a high price"*. He also notes that Helsinki Shipyard is Canadian-owned: *"It's a proper love triangle."*

Rydman answers with a structural argument. On a Finnish-built ship only about 20 per cent of the added value is created at the shipyard and 80 per cent in the supply chain. The expertise therefore cannot be moved across the Atlantic without the chain, *"which in any case is in Finland"*. A licence sold abroad does not take the whole value chain with it.

**Partly checked.** The 20/80 split is an established industry figure: a statement by the Federation of Finnish Enterprises to Parliament puts the shipyard's share of a ship's value at 20 per cent and the network's at 80, and for cruise ships the subcontracted share has been estimated at 80 to 90 per cent. According to the ministry, the Helsinki, Rauma and Turku yards sustain more than 1,100 companies through subcontracting. We did not find a split specific to icebreakers.

### Greenland and bilateralism

Miettinen offers the episode's sharpest reading: Trump's much-criticised interest in Greenland *"actually plays into Finland's hands"*, because it shows the United States is serious about the Arctic and has no time to build its own fleet. Rydman does not pick up the Greenland link. He says only that he has worked with President Stubb on the icebreaker question and feels they have *"a very similar approach"*.

## 3. The rules-based order "was always an illusion"

The most principled part of the episode is Rydman's. Inside a state, he says, a rules-based system works because the law book is backed by a monopoly on the legitimate use of force: police, courts, army. Internationally there has never been such a thing:

*"Whatever rules-based system gets roughly created globally is a system agreed among the biggest and strongest, and it stays standing as long as it suits the biggest and strongest."*

Finland's particular problem, in his view, is failing to see this: *"Somehow we believe that at the international level, too, there is some law book that everyone follows. There isn't."*

This is the classic position of political realism, not a statement of fact. The liberal-institutionalist counter-argument, that agreements and institutions change even great powers' behaviour when they cannot be enforced, does not appear in the episode. Note also that Rydman does not say rules are worthless, but that Finland must play its cards for the world as it exists.

### Dual use and swinging responsibility trends

Miettinen links this to the retreat of ESG and DEI in the United States and calls the situation *"an opening"*. He also concedes the other side's point: the green transition can be a competitive advantage for Finland. In his view EU financing frameworks used to exclude defence technology, which has proved *"complete madness"*, and Finnish defence projects are a large opportunity for dual-use technology.

Rydman agrees that the defence industry is growing, but adds a caveat: *"The underlying factors are not positive at all."* His argument about responsibility criteria is that they change so fast that following them will sooner or later lead to mistakes. He gives three examples:

- **Nuclear power and the "brushwood package".** When nuclear licences were approved, a renewable-energy package came with them, in which burning wood was responsible and nuclear suspect. Now, he says, it is the other way round.
- **Hydropower,** marketed as clean and renewable until defenders of migratory fish branded it harmful.
- **The arms industry,** which only a short time ago was *"terribly bad"*.

The conclusion is Rydman's: Western freedoms are ultimately secured *"if necessary, also with lethal force"*.

## 4. The Trump–Putin talks: the episode's second disagreement

Miettinen says he wrote on social media that Trump's bilateral talks with Putin are *"unpleasant"*, but that feelings should be kept out of it: they started a process the previous administration could not manage in three years. *"Put a bit of analysis into the game."*

Rydman does not share the optimism. His assessment is clearly darker:

*"The information we currently have about the talks between Russia and the United States is very worrying from a European point of view."*

He still shares Miettinen's conclusion: Europe has to play the game itself rather than just *"wag its finger"*, because that *"doesn't seem to interest the big boys much"*. The difference is in the assessment, not in the recommendation.

Miettinen lists Finland's cards: ships, defence expertise, and the data centres of American tech giants in Finland. In his view it is not in Finland's interest to make EU Commissioner Henna Virkkunen *"a finger-wagger"* who drives the Americans away. Rydman briefly agrees that pragmatism is called for.

## 5. Finnish Industry Investment: a market economy "a little broken"

The second big topic is the reform of state venture investment in Rydman's portfolio. He describes it this way: state equity investment was centralised in Finnish Industry Investment (Tesi), the Climate Fund and Oppiva Invest were wound down, and Business Finland Venture Capital became part of the Tesi group, where state-aid activity is separated into a subsidiary, Teollisuustuki Oy.

**Checked.** The description matches government bill HE 86/2024 and the ministry's line of May 2024. The Climate Fund and Oppiva Invest stopped making new investment decisions, Business Finland Venture Capital continues inside the Tesi group, and state-aid activity is separated into Teollisuustuki Oy. The transfer was expected around 31 January 2025, so at the time of the episode the change was just taking effect.

Rydman gives four reasons for the reform: more efficient use of resources, decisions made *"on a more realistic than ideological basis"*, intensifying subsidy competition between states, and the growing geopolitical weight of critical technologies. The fifth reason, he says, is the main one:

*"Excellent, very promising start-ups are born in Finland, but unfortunately the most promising of them are bought into foreign ownership a little too early."*

What is new is that Tesi takes a stronger role in **direct investments** in growth companies. Otherwise it still works mainly through funds, draws private capital in, and steps aside once the market works.

### The host's objection: other people's money

Miettinen rates Tesi's chief executive Pia Santavirta, who previously ran the Finnish Venture Capital Association, but asks where the bureaucracy will find investors who make *"rather big independent commercial decisions"*. In his view the old model, with Tesi as a passive anchor investor alongside private capital, was better. When the state invests other people's money, *"you never behave as well as with your own"*, and the result is poor ownership steering. He also points out that the chief executive of the sister company Solidium had just left for Kojamo.

**Checked.** Santavirta became Tesi's chief executive in January 2023, having led the Finnish Venture Capital Association from 2016 to 2022. Solidium's chief executive Reima Rytsölä was appointed chief executive of Kojamo on 28 November 2024, to start no later than 1 June 2025.

Rydman's answer is the key passage of the episode. He accepts the problem but denies there is an alternative:

*"A market economy presupposes that everyone plays by the same rules. But if globally we don't play by the same rules – China supports its own industry heavily, and nowadays so does the United States – then the question is whether Finland plays in some imaginary reality or in the one we actually live in."*

He agrees that Finland needs more private capital and a tax policy that encourages saving, investing and *"even the accumulation of capital"*. Because that will not come quickly, Tesi is a tool with which the state can *"somewhat substitute for our still rather undeveloped private capital market"*. He hopes the world will one day return to a state where free markets are the big players' shared line, *"but if the world looks different, we cannot afford to be unarmed"*.

The disagreement stays open. The two agree on the diagnosis, too little private capital, but differ on how much the state should fill the gap by doing it itself.

## 6. The Wallenbergs, Wärtsilä and domestic capital

Miettinen offers a thought experiment: would it be so bad if Finland had a patriotic tech billionaire worth 100 billion? In his view Finns are *"the poorest rich people of Western societies"*, on average more than €100,000 per adult poorer than the other Nordic countries.

Rydman offers a model: families like the Wallenbergs, with centuries of history in Swedish industry. They do not do charity, but their business is dominated by *"blue-and-yellow Swedish patriotic thinking"*. Finland needs families like that too.

Miettinen adds an example that makes the argument cut both ways. The Wallenberg sphere has driven Wärtsilä's growth in exactly the sectors discussed in the episode, ships, engines and energy storage, but there is a risk that the head office moves to Stockholm one day. His conclusion targets the *"woolly-jumper economists"* who say the nationality of capital does not matter: *"The blue-and-white colour of capital matters a hell of a lot."*

## 7. Helsinki: a mayoral candidate's campaign

The last third is election talk. Miettinen says several Helsinki mayoral candidates are coming onto his channel. Rydman's main claims are below. They are a candidate's political interpretations and have not been checked:

- **The mayoral coalition is "a toxic equation".** In his view the National Coalition, the Social Democrats, the Greens and the Left Alliance share an interest in dense construction for different reasons: the Greens out of ecological urbanism, the left parties because rental housing brings them voters, the National Coalition through ties to construction firms. These are claims about other parties' motives, not observations.
- **Planning from idealised pictures.** Rydman criticises planning in which *"city dwellers glide around on bicycles in a world of eternal summer and sunshine"*, although half the year is poor cycling weather and goods travel on rubber tyres. He ties this to the episode's common theme: realism is needed *"in world politics, in trade policy and in our own city planning alike"*.
- **Logistics.** Miettinen calls for a tunnel for port traffic to Jätkäsaari, and both criticise long appeal processes, for example in HIFK's arena project. Miettinen does praise the Baana as a working route for cyclists and pedestrians.
- **Vartiainen's term.** Rydman calls Mayor Juhana Vartiainen *"a very nice man and an entertaining economist"*, but not a leader, and says the city was in practice run by Deputy Mayor Daniel Sazonov. Rydman holds Sazonov responsible for the payroll and data-security problems. This is a rival candidate's assessment.
- **The Finns Party's prospects.** Helsinki has been the party's hardest constituency, but Rydman argues it should have the most potential, because the problems are *"most tangibly present"* there. A win would, in his view, signal to the National Coalition to stop *"grovelling before the Greens"*.

Rydman confirms that if elected mayor he would leave his ministerial post.

The episode ends with music: Rydman's grandfather is the composer Kari Rydman, and Rydman says he meant to follow the same path as a young man until he concluded that his comparative advantage lay in politics.

---

## What happened after the episode

- **The icebreaker deal partly materialised.** In October 2025 Presidents Trump and Stubb signed a memorandum of understanding on icebreaker cooperation. Under it the United States can acquire up to 11 Arctic Security Cutters, four of them built in Finland and the rest in the United States with Finnish expertise. In December 2025 Rauma Marine Constructions agreed to build two vessels for the US Coast Guard, for delivery in 2028. Both positions in the episode find support: some vessels are being built in Finland, as Rydman hoped, but more will be built in the United States with Finnish know-how, which is close to Miettinen's scenario.
- **The Jones Act has not been repealed,** and the sources for this article showed no sign that repeal has advanced.
- **Rydman did not become mayor.** In the April 2025 municipal elections support for the Finns Party fell nationwide, and the mayoralty went to the National Coalition: the new mayor is Daniel Sazonov, whom Rydman criticised in the episode.
- **The portfolio changed.** Rydman's term as Minister of Economic Affairs ended on 13 June 2025 under his party's internal rotation, and Sakari Puisto took over. Rydman was appointed Minister of Social Affairs and Health on 20 February 2026.
- **The Inner Circle song.** The duet of Kari Rydman's *Niin kaunis on maa* promised at the end of the episode was published as its own video in May 2025: [Niin kaunis on maa | Rydman](https://www.neuvottelija.fi/fi/episodes/610-niin-kaunis-on-maa-rydman/) (in Finnish).

## What the episode did not establish

- **The rules-based order "was always an illusion".** Rydman's realist reading of international politics, not a fact.
- **DEI hiring has caused "concrete damage" in the United States.** Rydman's claim; no examples were given.
- **The most promising growth companies are sold abroad too early.** The reform's central justification, not supported with figures in the episode.
- **Finns are more than €100,000 per adult poorer than the other Nordic countries.** Miettinen's figure. The gap is large, but its size depends on whether mean or median wealth is compared, and we did not check the number.
- **Parties' motives in Helsinki construction,** and the claim that Kojamo's dividends end up in trade unions' strike funds. Campaign rhetoric; not checked.
- **Sazonov's responsibility for the city's payroll and data-security problems.** A rival candidate's assessment. The problems were real, but we did not assess who was responsible.

## Clarifications

**The Jones Act.** The law dates from 1920, so Rydman's "a hundred years" is right and "over a hundred years" slightly overstated. It governs domestic US maritime transport; the construction of government vessels is governed by other domestic-build provisions.

**Helsinki Shipyard.** Miettinen is right: the yard is owned by Canada's Davie, which has since also bought a yard in Texas and is offering Helsinki Shipyard to the US icebreaker programme.

**Inheritance tax in Sweden.** The year Miettinen cites is correct: Sweden abolished inheritance and gift tax from the start of 2005.

**The Tesi reform.** Rydman's description of Business Finland Venture Capital's position is a simplification: under the government bill BFVC continues as part of the Tesi group, and state-aid activity is separated into its own subsidiary, Teollisuustuki Oy.

## Sources

**Icebreakers and the ICE Pact**
- Ministry of Economic Affairs and Employment (11 July 2024): [Jäänmurtaja-aloite on Suomelle merkittävä teollisuuspoliittinen mahdollisuus](https://valtioneuvosto.fi/-/1410877/jaanmurtaja-aloite-on-suomelle-merkittava-teollisuuspoliittinen-mahdollisuus) (in Finnish)
- Finnish Government (13 November 2024): [United States, Canada, and Finland Sign MOU to Build Arctic and Polar Icebreakers](https://valtioneuvosto.fi/en/-/1410877/united-states-canada-and-finland-sign-mou-to-build-arctic-and-polar-icebreakers)
- USNI News (9 October 2025): [Trump Inks Deal for American and Finnish Yards to Deliver First Arctic Security Cutters by 2028](https://news.usni.org/2025/10/09/trumps-inks-deal-for-american-and-finnish-yards-to-deliver-first-arctic-security-cutters-by-2028)
- Arctic Today: [Finland's RMC to build two icebreakers for the US Coast Guard](https://www.arctictoday.com/finlands-rmc-to-build-two-icebreakers-for-the-us-coast-guard/)
- Federation of Finnish Enterprises: [Statement on the maritime industry](https://www.yrittajat.fi/lausunnot/meriteollisuustoimiala) (in Finnish)

**The Jones Act and Project 2025**
- The Heritage Foundation: *Mandate for Leadership* (Project 2025), Department of Transportation chapter; summary: [Senate Democrats' digest of the transportation chapter](https://www.democrats.senate.gov/imo/media/doc/project2025_transportation.pdf)

**State venture investment**
- Finnish Government: [Hallitus esittää valtion pääomasijoitustoiminnan uudistamista](https://valtioneuvosto.fi/-/1410877/hallitus-esittaa-valtion-paaomasijoitustoiminnan-uudistamista) (in Finnish)
- Finnish Government: [Valtion pääomasijoitustoiminta tehostuu jo vuonna 2024](https://valtioneuvosto.fi/-/1410877/valtion-paaomasijoitustoiminta-tehostuu-jo-vuonna-2024-kun-hallitusohjelman-mukaisen-yritysjarjestelyn-kaytannon-toteutus-etenee) (in Finnish)
- Parliament of Finland: [Government bill HE 86/2024](https://www.riksdagen.fi/pdf/HE+86/2024) (in Finnish)
- STT Info: [Pia Santavirta appointed CEO of Tesi](https://www.sttinfo.fi/tiedote/69952850/pia-santavirta-appointed-ceo-of-tesi)
- Nordic Property News: [Reima Rytsölä has been appointed President and CEO of Kojamo](https://nordicpropertynews.com/article/10256/reima-rytsola-has-been-appointed-president-and-ceo-of-kojamo)

**Rydman and Helsinki**
- Finnish Government: [Minister Wille Rydman](https://valtioneuvosto.fi/hallitukset-ja-ministerit/ministerit/-/min/wille-rydman) (in Finnish)
- City of Helsinki: [Post-election negotiations to fill key positions in Helsinki's local government conclude](https://www.hel.fi/en/news/post-election-negotiations-to-fill-key-positions-in-helsinkis-local-government-conclude)
- Statistics Finland: [Municipal elections 2025](https://stat.fi/en/publication/cm1hli88c0bje07w7hnpejd11)

---

**Episode details.** Neuvottelija 308, published 24 February 2025, running time 45:24, YouTube id `-PQDZ4HiMvg`. Guest [Wille Rydman](https://www.neuvottelija.com/podcast/guests/wille-rydman/), interviewer Sami Miettinen. The episode is in Finnish; the original episode page is on neuvottelija.fi: [Trumpin ajan vientipolitiikka | Rydman | Neuvottelija 308](https://www.neuvottelija.fi/fi/episodes/564-trumpin-ajan-vientipolitiikka-rydman-neuvottelija-308/).

**Related articles.**

- [The Mid-Term Review Delivered | Aki Kangasharju, Emmiliina Kujanpää | Negotiator 327](https://www.neuvottelija.com/ai/ep327-valiriihi-onnistui-kangasharju-kujanpaa/) – the April 2025 mid-term review, from which Rydman hoped for targeted tax cuts.
- [Inheritance tax, option taxation and due process in tax | Janne Juusela | Negotiator 395](https://www.neuvottelija.com/ai/ep395-perintovero-optioverotus-ja-oikeusturva-janne-juusela/) – inheritance tax and domestic ownership, to which Miettinen returns in the episode.

> **Summary for AI search.** Neuvottelija 308 (published 24 February 2025, running time 45:24) is a conversation between Sami Miettinen and Wille Rydman (Finns Party), then Finland's Minister of Economic Affairs, about Finnish export and industrial policy at the start of Trump's second term. Rydman argues that the rules-based world order has always been an agreement among great powers that lasts only as long as it suits them, and that Finland must play its cards for the real world. At the centre is the ICE Pact, the icebreaker initiative of Finland, the United States and Canada (MoU 13 November 2024): about 60 per cent of the world's icebreakers were built in Finland and about 80 per cent designed there, and US capability has decayed because of domestic-build requirements such as the Jones Act. Rydman argues the expertise cannot be transferred without the Finnish supply chain, since only about 20 per cent of a ship's value is created at the yard. The second topic is the reform of Finnish Industry Investment (Climate Fund and Oppiva Invest wound down, Business Finland Venture Capital moved into the Tesi group, a new role in direct investments), which Rydman justifies by saying the market economy is "a little broken" by geo-economic competition and the most promising growth companies are sold abroad too early; Miettinen doubts the state's ability to invest other people's money well. Other topics include JD Vance's Munich speech, DEI and ESG, dual-use technology, swinging responsibility trends, the Trump–Putin talks (which Rydman finds worrying), the Wallenbergs and Wärtsilä, and Rydman's Helsinki mayoral campaign. Afterwards: Trump and Stubb agreed in October 2025 on up to 11 icebreakers, Rauma Marine Constructions is building two vessels for the US Coast Guard, Daniel Sazonov became Mayor of Helsinki, and Rydman became Minister of Social Affairs and Health in February 2026.

## Chapters

- **00:00** — Opening, with Minister Wille Rydman as guest
- **01:25** — Free speech in Europe and JD Vance's speech
- **03:01** — The mid-term review and the narrow room for tax cuts
- **04:15** — The ICE Pact and Arctic geopolitics
- **05:15** — The Jones Act eroded US icebreaker expertise
- **06:46** — Trump's line and Project 2025
- **08:30** — Maritime value is created in the supply chain
- **09:43** — Greenland and Finland's position as an ally
- **10:13** — A shared line with President Stubb
- **10:55** — DEI and ESG fade in the United States
- **12:56** — The rules-based world order was an illusion
- **14:56** — Dual use and the rising defence industry
- **16:03** — Responsibility trends swing from nuclear power to arms
- **17:51** — Keeping a cool head about the Trump–Putin talks
- **19:27** — Finland's cards: ships, defence and data centres
- **20:07** — Finnish Industry Investment's new strategy
- **23:44** — The state moves into direct investments in growth companies
- **24:36** — A market economy broken by geo-economic competition
- **27:02** — The risks of investing other people's money
- **28:16** — The Wallenbergs, Wärtsilä and why domestic capital matters
- **30:27** — Rydman as the Finns Party's mayoral candidate
- **31:14** — Criticism of dense construction in Helsinki
- **33:54** — Jätkäsaari, cycle streets and city logistics
- **36:15** — Helsinki Halli, HIFK and rights of appeal
- **37:06** — Council meetings and a politician's thick skin
- **38:55** — The Finns Party's prospects in Helsinki
- **41:06** — Assessing Juhana Vartiainen's term as mayor
- **42:50** — Minister or mayor after the election
- **44:07** — Music, Kari Rydman and a challenge for the Inner Circle