LVMH, Kering, and Other Luxury Stocks Sell Off on Tariff Concerns

Over the weekend, Trump said he would impose a 10% tariff on eight European countries—Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland—to pressure them to allow the U.S. to buy Greenland. The duties would increase to 25% if a deal wasn’t reached by June 1, Trump added.

The president later threatened to impose 200% tariffs on French wine and champagne. The move is meant to push French President Emmanuel Macron to join the Gaza Board of Peace following reports that Macron may decline to participate. Trump formed the peace board last year as part of the cease-fire deal between Israel and Hamas, and has since made moves to expand the board’s membership. Countries invited to participate are being asked to pay about $1 billion for a permanent seat.