EU brands turn to obscure customs clause to soften blow of Trump's tariffs

PARIS/MILAN (Reuters) -L'Oreal and a growing number of European fashion and cosmetics companies are exploring use of an obscure, decades-old U.S. customs clause known as the "First Sale" rule as a potential way to soften the impact of U.S. President Donald Trump's tariffs. While Trump and European Commission President Ursula von der Leyen announced a deal this week for U.S. tariffs of 15% on most imported EU goods - half the initially threatened 30% - that is still 10 times higher than the average tariff on EU imports before Trump's return to the White House. “It's part of the possibilities,” L'Oreal CEO Nicolas Hieronimus told Reuters on Tuesday.