Danish offshore wind giant Orsted faced a fresh stock market hammering on Tuesday after the group announced a new billion-dollar impairment charge on the same day its foe Donald Trump ascended to the White House.

U.S. President Donald Trump in his first day of office on Monday suspended new federal offshore wind leasing pending an environmental and economic review, saying wind mills are ugly, expensive and harm wildlife.

Orsted A/S recorded a 12.1 billion-krone ($1.7-billion) hit on its earnings as the costs of offshore wind farms, particularly in the US, keep rising.