France and the European Union said on Tuesday they were ready to fight back if U.S. President Donald Trump follows through and puts duties on French goods. The proposed tariffs of up to 100 percent would focus on champagne, handbags and other French products worth a total of 2.4 billion U.S. dollars. The threat followed a U.S. investigation that determined that a new French digital services tax would harm American tech companies. The European Commission said that the EU would act as one against any U.S. action and that the best place to settle their disputes was at the World Trade Organization. Meanwhile, shares in French luxury companies including Hermes, LVMH, and Kering fell in response to the American tariff threat.
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