Some consumers make these trips to avoid paying tariffs—although they are supposed to declare their purchases to customs agents upon their return to the U.S.—while others pay the tariffs and still come out ahead due to other savings.
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Tariffs boost number of Americans buying luxury goods in Europe
LVMH Chief Financial Officer Cécile Cabanis said changes in tourist spending patterns were a reason why sales at the company’s fashion and leather goods division fell 9%.
