LV CEO Arnaud stated that the EU cannot start a trade war with the United States

The European Union (EU) cannot afford a trade war with the United States amid a general decline in fashion profits. This was reported on July 24 by Le Figaro, citing the opinion of Louis Vuitton (LV) brand owner Bernard Arnault.

According to the publication, LV's sales fell by 3% in the first half of the year to €39.8 billion, while its operating profit fell by 15% to €9 billion. Despite the fact that these figures are in line with market expectations, Le Figaro stressed that the decline is due to trade wars between Europe, China, the United States and EU countries.

"Affected by the trade wars between Europe, China and the United States and the EU, the latter is suffering in these two strategic markets," the publication said.

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Earlier in the day, the President of the European Union Chamber of Commerce in China, Jens Eskelund, announced a turning point in the economic relations between the EU and China. It is noted that strong pressure from China leads to losses for European companies.

Ekselund added that the last 50 years of bilateral trade cooperation have been equally beneficial to both sides, but at the moment trade relations between China and the EU have become strained.

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