PARIS – Luxury stocks took a beating Monday morning in the wake of U.S. President Donald Trump’s announcement Saturday that he will hit a group of European nations with tariffs if his demands are not met about acquiring Greenland.

At 11:30 a.m. CET, LVMH Moët Hennessy Louis Vuitton stock was trading down 4 percent, while Compagnie Financière Richemont declined 3.5 percent and Hermès International had sunk 3.1 percent. Kering stock had softened by 2.7 percent and Burberry was down 2.7 percent.

Trump said on social media Saturday that there would be 10 percent tariffs on eight European countries – including Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland – starting Feb. 1, which would climb to 25 percent on June 1 if no deal is reached.

Trump previously made an offer to buy Greenland in 2019, during his first presidential term, but he was told it is not for sale. The subject resurfaced soon after Trump returned to the White House in January 2025.

Demonstrations broke out in Greenland, an autonomous territory of the Kingdom of Denmark, and Denmark over the weekend. European Union ambassadors held an emergency meeting in Brussels on Sunday night to discuss their strategy in view of the tariff threat.