Leading French luxury stocks fall after latest US tariff threats

by REUTERS / pic by REUTERS

PARIS – Shares in leading French luxury companies fell on Tuesday after the United States issued a new set of tariff threats on French products.

On Monday, the U.S. government said it may slap punitive duties of up to 100% on $2.4 billion of imports from France of champagne, handbags, cheese and other products, after concluding that France’s new digital services tax would harm U.S. tech companies.

Shares in French luxury handbag maker Hermes fell by around 2%, while luxury goods companies LVMH and Kering fell 1.5% and 1.2% respectively.

Glass bottle maker Verallia, which makes glass containers to brands such as Dom Perignon champagne, fell 2.5%.