Results are presented on the decline of net photosynthesis during the application of rapid water stress to excised shoots of different Populus L. clones. Six clones were selected from the species Populustrichocarpa Torr. & Gray, Populusdeltoides Bartr., and from the hybrid Populustrichocarpa × Populusdeltoides, taking into account the differences in stomatal behaviour between and within these species. The two most productive P. trichocarpa clones and the hybrid clone, characterized by a reduced ability to close stomata during leaf desiccation, showed, nevertheless, a sharp reduction of net photosynthesis at water potentials lower than −1.5 MPa. In contrast, the inhibition of net assimilation in the P. deltoides clone, caused by water stress, was accompanied by a reduction in stomatal conductance. In all studied clones the decrease in net photosynthetic rate followed closely the point of turgor loss of the leaves, indicating a possible relationship between nonstomatal inhibition of photosynthesis and protoplast volume shrinkage.