"This could be a nightmare if implemented," Claudia D'Arpizio, co-author of the study for Italy's Altagamma association of luxury producers, told The Associated Press. "European brands could end up being super expensive in an already expensive environment."
D'Arpizio noted that a dearth of American luxury substitutes may lead to an exemption from tariffs, but any negative impact could also be offset by moving production to the United States, or by higher sales to U.S. tourists in Europe.
The United States is the second-largest luxury market, worth about 100 billion euros ($106 billion), or nearly one-third of all global high-end sales of apparel, leather goods, and footwear.
Social and political turbulence, including wars and a slate of national elections, have eroded consumer confidence, according to D'Arpizio.
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