Protectionism is becoming less and less fashionable

As bad news never comes alone, following the midterm election setback, Donald Trump may have to reimburse all US Hermès customers for the excess customs duties applied to Birkin bags since the imposition of tariffs – which were already deemed unlawful. Thousands of euros on every single bag, which now costs, at base price, around ten thousand, and which have already caused considerable friction between the French fashion house itself and its overseas customers – who may be wealthy, but they’re no fools. The brand’s lawyers are in fact taking steps to ensure the administration arranges the refund directly, and it is already clear that this will be a long battle because Trump – who is trying in every way to divert attention from the unexpected drama in the Senate and, just a few hours ago, was holding a press conference on the White House mouldings, which have been restored by leading experts ‘because the country’s iconic building must be perfect’ (the mouldings? The House of Usher is crumbling and we’re worrying about wall decorations?), will certainly not let go of foreign policy, which is the only significant scope for manoeuvre he enjoys – as was immediately apparent from the far from veiled warning he issued on the same occasion to France and Italy, the two countries that “might not survive”, clearly referring to immigration, protests and rising inflation – in other words, the very same ‘Trump tax’ that Europe has been paying for two years. This was also discussed on the sidelines of the annual Confindustria Moda meeting currently taking place in Venice: a Congress with a Democratic majority will have limited capacity to avert, in the short term, a resumption of hostilities with Iran, but customs duties are not set to vanish as if by magic; all the more so as the European Union, by signing a trade agreement with Washington, has accepted a lasting increase in duties on its exports to the United States. Several analysts are even predicting a rise in tariffs in the coming months, which will also affect European products.