IKEA's prints have transformed how homes everywhere look
N O FIRM IN history has had as penetrating an impact on everyday design and taste as IKEA . Even if you have never found yourself winding through a shop, absent-mindedly adding 'Billy' bookcases, 'Rodalm' picture frames or 'Glimma' tea lights to a trolley, you will probably have encountered 'Stockholm' rugs, 'Rinnig' tea towels or 'Ektorp' sofas in the homes of friends or in Airbnbs. This is, after all, a company with over 480 shops in 63 countries, which generated around €45bn ($52bn) in sales last year.
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Reuters
a day ago
- Reuters
Trump says he thinks US will have a 'very fair deal' on trade with China
WASHINGTON, July 30 (Reuters) - U.S. President Donald Trump said on Wednesday that talks were moving along with China and he expected the two sides would reach a fair deal on trade. "We're moving along with China. We're doing fine with China," Trump told reporters at the White House. "I think it's going to work out very well. We're right in step. I think we're going to have a very fair deal with China." U.S. and Chinese officials met in Stockholm on Monday for more than five hours of talks aimed at resolving economic disputes with a goal of extending their truce on a trade war by three months. China is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration, after Beijing and Washington reached preliminary deals in May and June to end escalating tit-for-tat tariffs and a cut-off of rare earth minerals. Trump's administration has agreed trade deals with the European Union, Britain and Japan. It is negotiating with multiple other countries to achieve more.
Reuters
2 days ago
- Reuters
Nasdaq Nordic resumes trading after glitch prompts order cancellations
MILAN, July 30 (Reuters) - Trading on the Nasdaq Nordic platform resumed as normal on Wednesday, a day after a technical glitch disrupted equity order data and led to the cancellation of trades. The issue began at 1500 GMT on Tuesday and affected cash equities, ETPs and equity derivatives on Nasdaq Stockholm, Helsinki and Iceland, according to a statement on Wednesday. Nasdaq said it had cancelled all trades from the time of the incident and communicated the cancellations to affected members. On Wednesday the incident was marked as "resolved" on the bourse operator's website, with "all systems normal". A fund manager in Helsinki said trading appeared to be back to normal and back-office teams were handling trade cancellations. "No major fuss, but some extra work for them," he said. Nasdaq said the root cause of the problem had been identified and fixed.
The Herald Scotland
2 days ago
- The Herald Scotland
What Trump's EU trade deal means for your wallet
But for U.S. consumers, even the reduced tariff is expected to spur higher prices. The Yale Budget Lab estimates that Trump's tariffs, including the new rate for EU imports, would raise prices by 1.8% in the short run, the equivalent of an average household income loss of roughly $2,400. While the increase may sound insignificant, "the Federal Reserve's inflation target is 2%. So we're talking about almost a year's worth of inflation above and beyond the inflation that we would've gotten anyways," said Ernie Tedeschi, director of economics at the Yale Budget Lab. "So that's meaningful." Here are some of the sectors that could see higher prices in the months to come. European cars Automobiles, one of the EU's largest export sectors, will likely see some of the most noticeable price hikes, according to Gary Hufbauer, a nonresident senior fellow at the Peterson Institute for International Economics. While the 15% tariff is a relief from the current 27.5% rate, Hufbauer said the auto industry's margins are thin enough that EU companies won't want to absorb the higher cost. "I suspect European auto prices sold in the U.S. will go up probably at least 10%," he told USA TODAY. German Association of the Automotive Industry President Hildegard Muller warned the 15% tariff could cost the German automotive industry "billions annually." Already, Volkswagen has trimmed its full-year sales forecast after reporting a $1.5 billion hit from tariffs over the first half of the year. Automobile price hikes will likely vary across European makes and models, according to Tedeschi, since many already operate factories in North America. That means trade deals with Canada and Mexico could also influence pricing. "Consumers should keep an eye out for rising prices for European car imports, but they should not assume that all European brands are going to go up in price because of how complicated the supply chain is," he said, adding that he expects to see price increases tied to the new EU tariffs play out this summer and fall. What were the EU tariffs before? What to know after trade deal Furniture Furniture is another sector that could get hit by tariffs, according to Stephen Brown, Capital Economics' deputy chief North America economist. The Swedish company IKEA, for instance, relies on China, Poland, Italy, Germany and Sweden to supply "the majority" of products, according to its website. The company did not immediately respond to a request for comment, but Inter IKEA - which produces IKEA furniture - told Reuters in November that just 10% of the products it sells in the U.S. are made in the region. "Unless they find somewhere else to import from or move around their supply chain, furniture prices ... could see some effects," Brown said. Pharmaceuticals While certain sectors like wine and spirits appear to still be under negotiation, EU Commission President Ursula von der Leyen said pharmaceuticals will be covered by the 15% tariff, with certain generic drugs not subject to tariffs. The EU is behind about 60% of pharmaceutical imports to the U.S., according to Reuters, making them the largest European export to the U.S. by value. But Brown noted that pharmaceutical companies may be able to more easily shift production to the U.S. compared to other industries. For instance, the Danish manufacturer behind the GLP-1s Wegovy and Ozempic, Novo Nordisk, already has a presence in North Carolina and has plans to expand. "Although there could be some short-term price increases, those might not be as durable as they are for other products," Brown said. Additionally, consumers may not pick up on the industry's price hikes if their insurance covers the imported drug. Luxury items Luxury items like imported designer handbags and apparel could also see higher prices, as well as imported food. "The difference between China and Europe, in terms of tariffs, is that the tariffs on China increase what people buy in Walmart and Target. The tariffs on European imports will mainly hit what people buy at Whole Foods and high-end retail stores," said Hufbauer of the Peterson Institute for International Economics. He noted that the companies behind luxury goods tend to have higher margins, though, and may be more willing to absorb some of the higher costs tied to tariffs. Machinery Machinery and appliances are also major exports from the EU, accounting for roughly 20% of U.S. imports from the EU in 2021, according to the Commerce Department. While consumers won't buy machinery directly, experts warn the higher prices could eventually trickle down as manufacturers adjust to higher costs. "These are not necessarily products that immediately or directly impact the consumers, but they can indirectly affect consumers, especially after many years," Tedeschi said.
