PARIS, April 17 — LVMH CEO Bernard Arnault said on Thursday that if the United States and the European Union did not find a solution on tariffs, it would be Brussels’ fault.

"If Europe is not able to negotiate intelligently, there will be consequences for a lot of companies,” Arnault said.

"It will be Brussels’ fault” if trade talks do not result in a satisfying resolution, he added.

Arnault, speaking at the group’s annual meeting to shareholders, added that free trade with the United States and trust in trade must be restored.

LVMH, the world’s largest luxury group by sales, makes around a quarter of its revenue in the United States. Arnault earlier this year praised US President Donald Trump, whose inauguration he attended, for boosting economic growth and entrepreneurship.

Since then, LVMH’s shares have fallen by 36 per cent, dragged down by investor fears over Trump’s trade policies and a possible recession in the United States. — Reuters