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US Tariff Countdown Heats Up Race to Turn Talks Into Deals

(Bloomberg) -- Halfway through President Donald Trump’s 90-day freeze on his so-called reciprocal tariffs, a persistent gripe from businesses, consumers and governments facing them is severe uncertainty. The next 45 days may not provide much relief from the fog.Most Read from BloombergNY Private School Pleads for Donors to Stay Open After Declaring BankruptcyCan Frank Gehry’s ‘Grand LA’ Make Downtown Feel Like a Neighborhood?NYC’s War on Trash Gets a Glam SquadChicago’s O’Hare Airport Seeks Up t

Trump's tariffs hit European luxury industry, shares tank

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. Shares in LVMH and Hermes, France's largest listed companies by market capitalisation, fell by around 3% and 4% respectively after Trump's announcement, in line with sector peers including Kering, Prada and Burberry.