Trump meets LVMH chief amid luxury tariff tensions

[UNITED STATES] Former President Donald Trump welcomed Bernard Arnault, the head of luxury conglomerate LVMH, to the White House on Tuesday, as the French group grapples with declining U.S. sales in the wake of tariffs imposed by Trump’s administration.

Arnault, Europe’s wealthiest individual and the force behind brands such as Louis Vuitton and Dom Perignon, made an unexpected appearance in the Oval Office alongside his son Alexandre.

The visit took place against a backdrop of escalating trade friction between the U.S. and the European Union, with the White House holding firm on tariffs that have directly affected the luxury sector. Analysts interpret Arnault’s presence as a possible effort to initiate private talks aimed at easing the financial burden on LVMH, which counts American consumers among its most important clientele.

“Bernard, it’s an honor to have you. We’ll have a meeting after this,” Trump said during a ceremony for newly appointed special envoy Steve Witkoff, as he acknowledged the French billionaire seated nearby.

The Trump-Arnault relationship has been closely followed in business circles, given the former president’s appreciation for luxury goods and longstanding ties to upscale real estate. Although Trump has applauded LVMH’s investments in the U.S., his trade policies have inadvertently targeted an industry closely aligned with his own branding interests.

Earlier in the day, the Arnaults also participated in White House discussions about preparations for the 2026 World Cup, set to be jointly hosted by the U.S., Canada, and Mexico. Among LVMH’s many holdings is jeweler Tiffany & Co., which designed the trophy for FIFA’s upcoming World Club Championship, scheduled for the U.S. in 2025.

LVMH’s involvement in high-profile sporting events reflects its broader strategy to expand beyond traditional luxury retail. Yet, rising tariffs have complicated this approach, with some experts warning that increased costs could be passed on to consumers, potentially softening demand in the key American market.

With the U.S. accounting for roughly a quarter of its global sales, LVMH remains particularly exposed to shifts in trade policy. In the first quarter of 2025, the company reported a 2% decline in sales to €20.3 billion (approximately US$23 billion), as tariff pressures reverberated through the global luxury market.

Nonetheless, LVMH continues to pour investment into the U.S., recently expanding its footprint in cities like Miami and Los Angeles. The firm’s persistent commitment to American growth underscores the complex interplay between international politics and consumer appetite for high-end products.

Arnault and two of his children were also seen at Trump’s inauguration in January. In a February interview, he declined to comment directly on tariffs, stating he would “prefer to try and act calmly.”