Investing.com -- European luxury companies saw a drop in their share prices on Thursday, following the announcement of new tariffs by U.S. President Donald Trump.

The new tariffs include goods from the European Union and Switzerland, which are key markets for luxury goods.

Richemont (SIX: CFR )’s shares fell by 4%, and the Swatch Group (SIX: UHR ) saw a 4.3% decrease in its share price as of 0715 GMT on Thursday.

Jewellery maker Pandora (OTC: PNDRY ) also experienced a significant drop in its share price, falling around 13% to its lowest point in over a year.

Other luxury brands also saw a decline in their share prices. Burberry (LON: BRBY )’s shares fell by 4.3%, while Gucci’s parent company, Kering (EPA: PRTP ), saw a decrease of around 3%.

Shares in LVMH, another luxury goods conglomerate, slipped by 2.9%.

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