LVMH CEO Bernard Arnault (photo: Fashion Network)
LVMH CEO Bernard Arnault Calls for 'Free Trade Zone' Between Europe and US
French luxury giant LVMH is facing new tariffs announced by President Donald Trump upon his return to the White House and has expressed hope that European leaders will negotiate "reasonably" with the US administration, writes Fashion Network.
At a meeting of LVMH shareholders, Bernard Arnault was sharply critical of the EU, saying that “it is not the political but the bureaucratic power that spends its time issuing rules,” and that this “makes difficult” the “free trade area” between the United States and the EU that he advocates.
The head of LVMH has warned that if negotiations between Europe and the US lead to high tariffs, his group "will be forced to increase (its) American production."
"We must not say that it is the fault of the companies. If this happens, it will be Brussels' fault," the LVMH CEO warned. "European states must try to control these negotiations and not leave them to bureaucrats," he said.
In his push for a free trade area between the EU and the US, Bernard Arnault joins US billionaire Elon Musk, a member of the Trump administration who said in early April that he hoped to move towards a “free trade area” between Europe and North America with “zero tariffs”.
LVMH (Moët Hennessy - Louis Vuitton), is a French multinational company, a manufacturer of luxury goods, among the luxury fashion brands of LVMH are Christian Dior, Louis Vuitton, Givenchy, Guerlain, Moët & Chandon, Hennessy, Chaumet and others.
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