"We had to avoid a deadlock": Bernard Arnault welcomes the "good agreement" between the EU and the United States

Bernard Arnault, CEO of the world's number one luxury goods company LVMH , defended the agreement reached on customs duties between the United States and Europe, which is not "perfect" but which was "necessary" in the "current context", in an opinion piece published by the daily newspaper Les Echos on Tuesday, July 29. "The agreement reached [on Sunday] between the European Union and the United States has attracted criticism [...], however, I want to point out, as the head of a European company, that an impasse had to be avoided," said the billionaire, who is close to Donald Trump . "In the current context, it is a good agreement," he said.

"It was not Europe that requested this agreement," but "faced with a partner capable of breaking away from existing rules, we had to stand firm, without causing a rupture," analyzes the CEO of LVMH, owner of Louis Vuitton, Dior and Celine, as well as the newspaper Les Echos.

However, he finds it "unfortunate" that wines and spirits , exported massively from France and the EU to the United States, "are not included in this agreement." His group generated nearly 7% of its turnover from wines and spirits in the first half of 2025, notably thanks to Moët & Chandon champagnes and Hennessy cognac .

For Bernard Arnault , "Europe knows how to defend its strategic sectors", "a demonstration of intelligence".

On Sunday, Donald Trump and European Commission President Ursula von der Leyen announced in Scotland a customs agreement that will see European products exported to the United States taxed at 15%.

Hoping to avoid a trade escalation, the EU has also committed to $750 billion in energy purchases – aimed in particular at replacing Russian gas – and $600 billion in additional investments in the United States.

Emmanuel Macron had still not reacted to these announcements on Tuesday, but François Bayrou spoke of a "dark day" for Europe on Monday , which he said was "resolving to submit."

In June, Bernard Arnault's son, Antoine Arnault , poked fun at his father's special relationship with Donald Trump, whom he has known for a long time. "You may have noticed that in addition to his many roles, he recently became a diplomat," Antoine Arnault said.