Paris (AFP)

Kering boss Francois-Henri Pinault believes that the activities of his luxury group are currently "spared" by the US-China trade war, but fears possible US retaliation against the taxation of giants of the United States. unilaterally decided by France.

We are, "for now, spared because our productions are made in France or Italy in a very large proportion, so the sanctions that are taken on one side and the other do not affect the luxury goods", said Mr. Pinault at the microphone of France Inter Saturday morning.

But he also said he was "vigilant" about possible US retaliation because of the application by France of a tax Gafa.

After two days of intense negotiations, France said at the G7 Biarritz last week to have reached an agreement in principle with the United States on the taxation of digital giants, supposed to avert the threat of US retaliation on French wine .

Tuesday, the Minister of Economy Bruno Le Maire had felt that this threat "was moving away" but was not yet "definitively ruled out", the outcome depending on upcoming discussions with the US side.

Under the compromise made by Paris and Washington, France has committed to abandon its tax, which comes into effect this year, as soon as an international solution has been found under the auspices of the OECD.

Mr. Pinault nevertheless called for continued vigilance.

"One could fear that the United States are beginning to impose sanctions.We are talking about French wine.Luxury products could also follow.For now we are spared but we must be careful," he said.

Definitively adopted on July 11th, this tax, which comes into force in France this year, creates a taxation of the big companies of the technological sector not on the profit, often transferred via assemblies learned in countries with very low taxation, but on the turnover.

This device provoked strong reactions on the American side, and President Donald Trump himself had threatened to tax French wines, going so far as to evoke on August 9 a 100% tax.

The agreement in principle announced in Biarritz also provoked hostility from the American technology industry.

© 2019 AFP