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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,”…