A mere month ago, luxury businesses were looking forward to a new era of deregulation, lower taxes and a booming stock market – and dreaming of well-heeled buyers splurging on opulent ballgowns and statement watches.
Instead, as the Trump administration imposes 20% tariffs on products from the European Union (which has since been paused on April 9, and instead reverted to a 10% rate), they are bracing for a different reality.
