{"id":14858,"date":"2025-04-22T10:50:50","date_gmt":"2025-04-22T10:50:50","guid":{"rendered":"https:\/\/topat10.com\/?p=14858"},"modified":"2025-04-22T10:50:50","modified_gmt":"2025-04-22T10:50:50","slug":"europes-richest-man-bernard-arnault-slammed-the-eu-for-failing-u-s-negotiations-but-von-der-leyen-says-countries-are-lining-up-to-work-with-us","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=14858","title":{"rendered":"Europe\u2019s richest man Bernard Arnault slammed the EU for failing U.S. negotiations\u2014but von der Leyen says countries are \u2018lining up to work with us\u2019"},"content":{"rendered":"\n

Bernard Arnault, Europe\u2019s richest man and the CEO of luxury empire LVMH, is furious with how the European Union managed its trade ties with the U.S. <\/p>\n

He made that sufficiently clear at LVMH\u2019s annual shareholder meeting late last week<\/a>, warning that the company behind Christian Dior and Tag Heuer might nearshore its operations to the U.S. in the event of a trade war.<\/p>\n

“It will be Brussels’ fault if this happens,” Arnault said, suggesting that “European countries should try to manage these negotiations, and not leave them to bureaucrats.”<\/p>\n

The 76-year-old LVMH boss criticized the EU for spending too much time crafting regulations that hurt businesses more than they helped them.\u00a0<\/p>\n

Arnault voiced his frustration over trade volatility owing to U.S. tariffs, which were initially set to be upwards of 20% before President Donald Trump lowered them to 10% earlier this month. <\/p>\n

Even if the worst-case scenario may have been temporarily averted, the EU is under pressure to cut a deal with the U.S. sooner rather than later. The bloc proposed a zero-for-zero tariff that would mean no levies on transatlantic trade. <\/p>\n

While that may not be the final terms, European Commission President Ursula von der Leyen proudly touted that \u201ccountries are lining up to work with us,” in comments reported by Politico<\/em><\/a> on Tuesday.<\/p>\n

\u201cIn the middle of the chaos, Europe stands firm, grounded in values, ready to shape what comes next,” she said. <\/p>\n

The top diplomat said the bloc wouldn\u2019t flinch from responding to U.S. tariffs if negotiations were to break down. Von der Leyen even warned of<\/a> a raft of countermeasures that the EU could resort to, including tariffs on digital services. Ultimately, she said the U.S.-Europe relationship will never be the same.<\/p>\n

But things seem to have cooled down since the tariffs were first announced. <\/p>\n

Last week, Trump met with Italian Prime Minister Giorgia Meloni, after which he said<\/a>, \u201cthere will be a trade deal, 100%.\u201d The American president, who was all praise for Meloni despite belittling Europe<\/a> on several occasions, emphasized that the deal would be fair. <\/p>\n

Businesses, big and small, are parched for news on the trade front after weeks of uncertainty. A trade agreement would mean the U.S. and Europe, which are major trade partners, will finally see eye to eye. <\/p>\n

This is especially important for European companies, as many of their biggest companies have a presence in the U.S. For luxury behemoths like LVMH in particular, American shoppers represent a critical mass, and the company hopes this affluent group can offset the softness in Chinese demand that has aggravated a slowdown in luxury sales.<\/p>\n

The fallout from Trump\u2019s plan left stock markets bereft. LVMH, which makes 25%<\/a> of its revenue from the U.S., has seen its shares drop over 25% since the start of the year. The company has also lost its crown as the most valuable luxury company to fellow French rival, Herm\u00e8s. Arnault\u2019s personal wealth has suffered a loss of $23.4 billion during this period, according to the Bloomberg Billionaires Index<\/a>. He still remains Europe\u2019s richest person. <\/p>\n

Arnault has hinted at expanding production in the U.S. before<\/a>, especially as he has a close relationship with Trump that goes back several decades. <\/p>\n

While LVMH argues it hasn\u2019t seen the impact of tariffs on its business just yet, it might only be a matter of time before that happens\u2014unless a trade deal is struck in time to avoid that.<\/p>\n

This story was originally featured on Fortune.com<\/a><\/p>\n\n","protected":false},"excerpt":{"rendered":"

Bernard Arnault, Europe\u2019s richest man and the CEO of luxury empire LVMH, is furious with how the European Union managed its trade ties with the U.S.  He made that sufficiently clear at LVMH\u2019s annual shareholder meeting late last week, warning that the company behind Christian Dior and Tag Heuer might nearshore its operations to the […]<\/p>\n","protected":false},"author":40,"featured_media":14859,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123],"tags":[],"class_list":["post-14858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nEurope\u2019s richest man Bernard Arnault slammed the EU for failing U.S. negotiations\u2014but von der Leyen says countries are \u2018lining up to work with us\u2019 | Unlock Informed Choices with 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