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European luxury shares tanked on Friday as US President Donald Trump said he is recommending a straight 50 percent tariff on goods from the European Union starting on June 1.
Europe’s luxury industry, producing handbags, shoes, fashion items and champagne among other prized goods, is highly exposed to the US market, which was seen as the sector’s best hope for growth this year as Chinese demand lags.
Shares in LVMH and Hermes, France’s largest listed companies by market…
