LVMH's Arnault calls US-EU trade deal 'necessary' but 'not perfect'
"The agreement reached (Sunday) between the European Union and the United States has drawn criticism. However, as the leader of a European company, I want to reiterate that a deadlock had to be avoided." Arnault stated.
"In the current context, this is a good agreement." He added.
"It was not Europe that requested this agreement." Arnault continued. "However, faced with a partner capable of disregarding existing rules, we had to stand firm, without causing a rupture." The chairman and chief executive officer of LVMH, which owns Louis Vuitton, Dior and Celine, as well as the newspaper Les Echos, explained his position.
However, he finds it "regrettable" that wines and spirits, massively exported from France and the EU to the US, "are not included in this agreement".
LVMH generated almost 7 percent of its revenue from wines and spirits in the first half of 2025, notably thanks to Moët & Chandon champagnes and Hennessy cognac.
For Arnault, "Europe knows how to defend its strategic sectors", "a demonstration of intelligence".
US President Donald Trump and European Commission President Ursula von der Leyen announced a customs agreement in Scotland on Sunday. Under the agreement, European products exported to the US will be taxed at 15 percent.
Hoping to avoid a trade escalation, the EU has also committed to 750 billion dollars in energy purchases, notably aimed at replacing Russian gas, and to 600 billion dollars in additional investments in the US.
Emmanuel Macron had not yet reacted to these announcements by Tuesday. However, Prime Minister François Bayrou on Monday referred to a "dark day" for Europe, which, according to him, "is resigned to submission".
In June, Arnault's son, Antoine Arnault, joked about his father's privileged relationship with Trump, whom he has known for a long time. "You may have noticed that in addition to his multiple roles, he has recently become a diplomat," Antoine Arnault quipped. This article was translated to English using an AI tool.
FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@fashionunited.com
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