“We have never experienced a period of benefit when we had high tariffs,” he said, referring both to Ikea and the global economy. We will need to understand and adapt.”On Monday, President-elect Trump promised massive hikes in tariffs on goods coming from Mexico, Canada and China. The bulk of Ikea’s goods — some 70% — are produced in Europe, with the remaining 30% made in Asia, mostly China. Last year, Ikea cut prices on roughly 2,000 products — at a cost of more than €2 billion ($2.1 billion) — to give inflation-weary consumers a break. Ikea's Frakta bag displayed in Munich during a celebration of the brand's 50th anniversary in Germany on October 17, 2024.

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Persons: Donald Trump’s, ” Jesper Brodin, ”, Trump, Claudia Sheinbaum, Tom Madrecki, General Mills, Molson, Ikea’s Brodin, Hus, Johannes Simon Organizations: London CNN, Ingka, CNN, Ikea, Consumer Brands Association, Molson Coors, Oxford Locations: Mexico, Canada, China, United States, Europe, Asia, Munich, Germany, Wembley, Croydon, London