IKEA raises prices as Trump’s furniture tariffs hit retailer

Swedish furniture giant IKEA is raising prices in the United States as new tariffs on imported wood and finished furniture take effect, putting pressure on the company’s low-cost business model. The move marks a reversal of last year’s broad price-cutting strategy, as the world’s largest furniture retailer faces higher import costs under the trade measures announced by the Trump administration in September. The new duties, effective October 14, impose a 10% tariff on imported softwood lumber, a 25% tariff on upholstered furniture and kitchen cabinets, and up to 50% on cabinets and vanities from ...