PARIS — Luxury stocks took a beating Monday in the wake of U.S. President Donald Trump’s announcement Saturday that he will hit a group of European nations with tariffs if his demands are not met about acquiring Greenland.
LVMH Moët Hennessy Louis Vuitton stock ended Monday down 4.3 percent, while Kering’s softened by 4.1 percent and Hermès International’s sunk 3.5 percent. Burberry shares were down 2.8 percent and Compagnie Financière Richemont’s declined 2.3 percent.
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The price of gold and silver, meanwhile, hit new records Monday. At 12:10 p.m. CET, gold was trading up 1.2 percent to 4,013.01 euros, and silver had risen 3.2 percent to 80.29 euros.
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Trump said on social media Saturday that there would be 10 percent tariffs on eight European countries — including Denmark, Norway, Sweden, France, Germany, the U.K., the Netherlands and Finland — starting Feb. 1, which would climb to 25 percent on June 1 if no deal is reached.
Trump previously made an offer to buy Greenland in 2019, during his first presidential term, but he was told it is not for sale. The subject resurfaced soon after Trump returned to the White House in January 2025.
Demonstrations broke out in Greenland, an autonomous territory of the Kingdom of Denmark, and Denmark over the weekend. European Union ambassadors held an emergency meeting in Brussels on Sunday night to discuss their strategy in view of the tariff threat.