LVMH boss Bernard Arnault defends the customs agreement concluded between the USA and Europe. In a article published on Tuesday in the daily newspaper ‘Les Echos’, he does not describe it as “perfect”, but in the “current context” as “necessary”.
“The agreement between the European Union on Sunday and the United States met with criticism.” Arnault emphasizes: “As head of a European company, I would like to remind you that a dead end had to be avoided.”
“In the current context it is a good agreement.” “This agreement did not require Europe.” Arnault continues: “In view of a partner who is able to get over existing rules, you had to remain steadfast without provoking a break.” The CEO of the French luxury goods group, which includes Louis Vuitton, Dior and Celine and the newspaper ‘Les Echos’, is critical of the fact that wines and spirits that are exported to the USA in large quantities from France and the EU have not been “included in this agreement”.
In the first half of 2025, his group achieved almost seven percent of its sales with wines and spirits, especially thanks to Hennessy champagne from Moët & Chandon and Cognac.
For Arnault, “Europe knows how to defend its strategic sectors”. This is “proof of intelligence”.
The US President Donald Trump and the President of the European Commission, Ursula von der Leyen, announced a customs agreement in Scotland on Sunday that provides for European products to be taxed in the USA with 15 percent.
In the hope of avoiding an escalation of the trade conflict, the EU also committed itself to energy purchases of $ 750 billion (691 billion euros)-in particular as a replacement for Russian gas-and for additional investments of $ 600 billion ($ 553 billion) in the USA.
Emmanuel Macron had not yet responded to these announcements on Tuesday. Prime Minister François Bayrou spoke on Monday of a “dark day” for Europe, which in his opinion “decides to submit”.
In June, Bernard Arnault’s son, Antoine Arnault, had amused himself about Donald Trump’s privileged relationship with his father, whom he has known for a long time. “You may have noticed that in addition to his numerous functions, he recently become a diplomat,” said Antoine Arnault.
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