reuters.com
www.reuters.com

PARIS, May 23 (Reuters) - European luxury shares tanked on Friday as U.S. President Donald Trump said he is recommending a straight 50% tariff on goods from the European Union starting on June 1.

Europe’s luxury industry, producing handbags, shoes, fashion items and champagne among other prized goods, is highly exposed to the U.S. market, which was seen as the sector’s best hope for growth this year as Chinese demand lags.

  • GenosseFlosse@feddit.orgEnglish
    4·
    21 hours ago

    Oh no, the billionaires in the US will now think twice before spending 40000 on a handbag, 2000 on a pair of shoes or 800 on a T-shirt!

    • Unrelated@feddit.nlEnglish
      2·
      1 day ago

      While I couldn’t care less about the products, I am afraid the workers will suffer too.

      • Saleh@feddit.orgEnglish
        4·
        1 day ago

        The workers making the products in China, Bangladesh and the like or the crocodile farmers in Australia?

        • Որբունի@jlai.luEnglish
          2·
          21 hours ago

          LVMH still have a lot of workers in France. They can afford it with their insane margins and that way they can say stuff is made there (it doesn’t mean they actually care, some components are from cheaper countries).

        • Unrelated@feddit.nlEnglish
          1·
          22 hours ago

          Wine/champagne grapes are farmed in Europe, but I think it is sad for the workers, no matter they are situated in Europe or elsewhere. Maybe even worse if it is in sweatshops, because they may not rely on state support.