The main entrance of the Chanel Ginza Building in Tokyo’s Ginza shopping district, in this file photo. Koichi Kamoshida/Getty Images
Following the EU–U.S. trade agreement announced on July 27, European luxury brands have avoided the steep tariffs once threatened by President Donald Trump, but still face elevated rates. With sales slumping in recent years, some brands are recommending price increases “in a smart way.”
Under the agreement, most goods imported into the United States from the EU, including automobiles, will face a 15 percent tariff, half of the 30 percent rate that Trump had suggested the United States would impose in a July 12 letter to European Commission President Ursula von der Leyen.
