Europe must make concessions to Trump in trade talks, LVMH’s Arnault says

PARIS, May 21 (Reuters) – The European Union must soften its stance toward US President Donald Trump’s trade demands and negotiate a deal to avoid tariffs and protect European jobs, LVMH CEO and Chairman Bernard Arnault said on Wednesday.

Talks between Brussels and Washington should be handled “with the aim to succeed and therefore with reciprocal concessions,” Arnault said. “For now, I am under the impression it’s not going well.”

Speaking to French senators during a parliamentary hearing, Arnault said he was actively lobbying to avoid tariffs, citing his group’s cognac and wine business as particularly impacted by the trade tensions.

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“You see what the British have done, they have negotiated very well. Using my modest means and contacts, I hope I will manage to convince Europe to adopt a similarly constructive attitude”, Arnault said.

Britain earlier this month struck a deal that would improve access for the worst-hit sectors, rather than pursuing a wider agreement.

Arnault did not comment further when asked by lawmakers about his direct talks with Trump and a recent visit to the White House.

The United States is LVMH’s most important market, accounting for 25 percent of annual sales.