The European Union must soften its stance toward U.S. President Donald Trump's trade demands and negotiate a deal to avoid tariffs and protect European jobs, LVMH CEO and Chairman Bernard Arnault said on Wednesday.

European capitals have launched a flurry of diplomatic efforts to maintain pressure on Russia and convince US President Donald Trump’s administration not to walk away from Ukraine peace talks. Multiple calls and meetings took place on Tuesday between European and Ukrainian leaders and senior security officials following Monday’s phone call between Trump and Vladimir Putin in which the US president signalled he would leave Russia and Ukraine to settle among themselves the terms for ending the war.

They fear Trump is too soft on Putin and Russia will walk away with more than it deserves, rewarded for its invasion of Ukraine. But Trump sees compromise and engagement with Russ