Louis Vuitton owner stated the impossibility of the EU to wage a trade war with the US

The European Union was not ready for a trade war with the US amid the crisis in the fashion industry. This statement was made by the head of the Louis Vuitton empire Bernard Arnault, as reported by Le Figaro on July 24.

"The company has faced serious challenges in key strategic markets due to the escalation of trade confrontations between Europe, China, the US and the EU," the publication notes.

According to Le Figaro, sales of the fashion giant Louis Vuitton decreased by 3% in the first half of the year, while operating profit plummeted by a whole 15%. Despite the fact that financial indicators are still within market forecasts, their negative dynamics are directly related to the escalation of global trade conflicts.

Earlier, the influential newspaper Financial Times informed about US President Donald Trump's intentions to tighten the terms of the trade agreement with the European Union.