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The stores earmarked for closure include one in suburban Shanghai, another in Guangzhou, and several more in second-tier Chinese cities such as Nantong, Xuzhou and Harbin, IKEA said in the statement posted to its official WeChat account.
President Donald Trump on Thursday unveiled a fresh round of punishing tariffs on a broad range of imported goods, including 100 percent duties on branded drugs and 25 percent tariffs on heavy-duty trucks, set to come into force next week.
Duty-free access to the European Union market is supposed to help Indonesian micro, small and medium enterprises (MSMEs), but trade associations doubt it will be a panacea for boosting exports without tackling costs, compliance and capacity.
President Donald Trump said on Friday his administration will conduct a "major" tariff investigation on furniture entering the United States, a step toward imposing higher duties on a sector already seeing tariff-fueled price increases.
HIMKI chairman Abdul Sobur said the country’s furniture industry had been relying on international exhibitions hosted by the government to open the export market, but such events have been discontinued as organizing overseas exhibitions is expensive.
