European luxury stocks drop after Trump recommends 50% tariff on EU goods

Shares in several European luxury stocks fall 2-5% after U.S. President Donald Trump said he is recommending a straight 50% tariff on goods from the EU starting on June 1

By 1255 GMT, France's Hermes HRMS.PA falls 4.4%, Richemont CFR.S, LVMH LVMH.PA, Kering PRTP.PA and Christian Dior DIOR.PA fall between 3.5% and 4% and L'Oreal OREP.PA slides 2.3%

Italy's Brunello Cucinelli BCU.MI drops 4.5%, Salvatore Ferragamo SFER.MI falls 3.3%

Switzerland's Swatch UHR.S falls 5.7% while Germany's Hugo Boss BOSSn.DE is down 1.6%

British luxury brand Burberry BRBY.L, most of whose suppliers are in Italy, is down 2.5%