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Trump Tariffs Hit European Luxury, Shares Tank

LVMH and Hermès stock fell about 3 percent and 4 percent respectively, in line with sector peers including Kering, Prada and Burberry, after the US president announced a 50 percent duty on imports from the European Union.
Donald Trump
Shares in LVMH and Hermes, France’s largest listed companies by market capitalisation, fell by around 3 percent and 4 percent respectively after Trump’s announcement, in line with sector peers including Kering, Prada and Burberry. (Getty Images)

European luxury shares tanked on Friday as US President Donald Trump said he is recommending a straight 50 percent tariff on goods from the European Union starting on June 1.

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