1215 GMT - Shares in European distillers and luxury companies dropped after President Trump said he would recommend a 50% tariff on the European Union, starting on June 1. "The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with," Trump said on Truth Social. "Our discussions with them are going nowhere!," he added. Shares in LVMH, Hermes and Kering fall more than 3.5%. Brunello Cucinelli and EssilorLuxottica drop 4.4% and 5.1%, respectively. Pernod Ricard and Remy Cointreau trade 4.3% and 5.4% lower, respectively. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
May 23, 2025 08:16 ET (12:16 GMT)
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