The first 70 days of US president Donald Trump's second term in the White House have left Bernard Arnault's empire reeling. Since the January 20 inauguration, LVMH's market capitalization has lost nearly 13% while the CAC 40 index has gained around 3%. The stock market is concerned about the impact of the tariffs that Washington is due to announce on Tuesday, April 2 on the activities of the French company, which generated a quarter of its €84.7 billion in sales in 2024 in the US.

Trump's return had initially reassured the luxury group. Thousands of bottles of Veuve Clicquot champagne, cases of Ruinart, Louis Vuitton bags and Dior flasks are exported across the Atlantic. At the time, the markets were betting on a rebound in US sales, which would ease the consumption crisis in China (-22% in 2024). Despite the Republican billionaire's protectionist electoral platform, the US offered hope of a favorable business climate. Didn't Arnault feel a " wind of optimism", "blowing" through the country? "In the US, you get the feeling that you’re welcomed with open arms," said the CEO on January 28, at the Group's annual results presentation.

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