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French luxury stocks drop as Trump threatens heavy new tariffs

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Matthew Lloyd | Getty Images

Shares of French luxury goods makers, including LVMH and Hermes, dropped in European trading on Tuesday after President Donald Trump’s administration said it may place heavy tariffs on several goods.

LVMH – which includes the brands Louis Vuitton and Hennessy – and Hermes each fell more than 2% following the announcement.

The move by the U.S. comes in retaliation to France’s implementation of a Digital Services Tax. Under the new tariffs, which may begin in late January, the U.S. Trade Representative could add levies up to 100% on around $2.4 billion imports from France.

“This would essentially double taxes on French companies and citizens with U.S. income,”…



Source cnbc.com

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