LVMH and Nvidia have become the latest firms to look to boost production in the US to avoid tariffs, writes Emily Hawkins.

LVMH finance chief Cecile Cabanis said planning was underway after Bernard Arnault, the French luxury goods boss, said in January he was “seriously considering” adding to the firm’s existing facilities across the Atlantic.

These include a Louis Vuitton workshop in Texas and two in California.

And chipmaker Nvidia has pledged to invest €465bn in the US over the next four years.

That will see Jensen Huang’s firm build supercomputers for AI entirely in the US for the first time.

British digger maker JCB has also announced plans to boost US production.

LVMH, whose brands further include Moet and Givenchy, confirmed fears of a luxury slowdown as it posted a slump in sales for the first three months of the year.

Arnault – who attended Trump’s inauguration – had hoped rich Americans would offset a slowdown in demand in China.

But LVMH sales fell 3pc to €20.4bn over its first quarter.