Photo; Smith Collection/Gado/Getty Images

LVMH backed out of an $18.5 billion agreement to buy jeweler Tiffany & Co. Wednesday, citing U.S. tariffs on French products.

The big picture: LVMH’s board of directors recently made the decision after a "succession of events which undermine the acquisition," the company wrote. Tiffany filed a lawsuit in Delaware to enforce the acquisition.

Our thought bubble via Axios' Dan Primack: The move highlights how the U.S. is in trade wars with more than just China, with the Trump administration proposing new tariffs on French luxury goods in retaliation for a French tax on U.S. tech companies.

Go deeper

Dan Primack, author of Pro Rata
Sep 10, 2020 - Economy & Business

Tiffany and LVMH head to court

Photo: Cindy Ord/Getty Images

LVMH yesterday broke off its $16.2 billion engagement to Tiffany & Co., and then the two sides sprinted to file competing lawsuits in Delaware.

What we learned: The French government may have played a key role in the split, asking LVMH to delay the deal close for two months past the agreed-upon deadline.

TikTok's content-moderation time bomb

Illustration: Aïda Amer/Axios

When the dust finally clears from the fight over TikTok, whoever winds up running the burgeoning short-video-sharing service is likely to face a world of trouble trying to manage speech on it.

Why it matters: Facebook’s story already shows us how much can go wrong when online platforms beloved by passionate young users turn into public squares.

Ben Geman, author of Generate
43 mins ago - Energy & Environment

Zooming in on China's new energy plan

Illustration: Rebecca Zisser/Axios

Major climate news arrived on Tuesday when Chinese President Xi Jinping said China would aim for "carbon neutrality" by 2060 and a CO2 emissions peak before 2030.

Why it matters: China is by far the world's largest greenhouse gas emitter. So its success or failure at reining in planet-warming gases affects everyone's future.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!