IKEA will never be the same again?

He thus joined a growing number of business people who are warning of potential price increases due to the plans of the newly elected US President Donald Trump to increase import duties, CNN reported.

"We do not believe that tariffs will improve the trade of international companies, because there is always a risk that it will end up on customers' accounts," said the CEO of Ingka Group, ahead of the opening of the IKEA store in London.

He pointed out that customs duties only make it difficult to maintain low product prices and make them accessible to as many people as possible.

"We've never benefited from high tariffs, but it's out of our control, so we'll have to adjust," he said, referring to IKEA.

On Monday, Trump promised a big increase in tariffs on goods coming from Mexico, Canada and China. Officials in those countries warned that such a move would only hurt the economies of everyone involved, including the United States.