CEO and president of LVMH, Bernard Arnault, said on Wednesday (21) that the European Union should soften its attitude towards the commercial demands of US President Donald Trump.
During a parliamentary hearing with French senators, Arnault stressed the importance of negotiating an agreement that avoids tariffs and protecting European jobs.
“Dialogues between Brussels and Washington should be conducted to succeed and, therefore, with reciprocal concessions,” said Arnault, expressing his concern with the progress of negotiations. “For now, I have the impression that it is not going well.”
The statements were made before the US president said on Friday that he is “recommending a fixed rate of 50% for the European Union” after complaining that commercial negotiations are stagnant.
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Arnault, who has been active lobbying to avoid tariffs, mentioned that his group’s brandy and wine business are being particularly impacted by commercial tensions.
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“You see what the British did; they negotiated very well. With my modest resources and contacts, I hope to convince Europe to adopt an equally constructive attitude,” he said.
Recently, the UK has reached an agreement that improves access to the most affected sectors, rather than seeking a broader deal.
When asked by legislators about his direct conversations with Trump and a recent visit to the White House, Arnault no longer provided more details.
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The United States is the most important market for LVMH, representing 25% of the company’s annual sales.
(Com Reuters)
