The chief executive of the company behind Ikea furniture stores says Donald Trump’s planned tariffs will make it more difficult to keep its prices low, joining a growing chorus of business leaders in warning of a potential hit to people’s wallets from the levies.

Trump has pledged big tariffs on imports from trading partners, causing concern among companies whose supply chains depends on smooth global trade.

Ingka Group, the largest Ikea retailer, saw a sharp decline in full-year profit after a round of price cuts and tough economic conditions weighed on the bottom line.

Donald Trump’s plans to impose sweeping tariffs on goods entering the US risk leading to higher prices for customers, Ikea has suggested.

The chief executive of the company behind Ikea furniture stores says Donald Trump’s planned tariffs will make it more difficult to keep its prices low, joining a growing chorus of business leaders in warning of a potential hit to people’s wallets from the levies.

The world's biggest retailer of IKEA furniture on Wednesday reported a big drop in annual net profit after cutting prices in an attempt to coax more cost-conscious shoppers into its big blue stores.

Tariffs planned by President-elect Donald Trump will make it harder for IKEA to keep prices low, the chief financial officer of the world’s biggest furniture retailer told Reuters on Wednesday. Trump has pledged big tariffs on imports from the United States’ three largest trading partners,