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.

World shares have retreated after President Donald Trump issued a new set of import duties that will apply to dozens of countries as of Aug. 7.

A European Commission spokesman in Brussels declined to comment Friday on the apparent delayed entry into force of new US tariffs on imports from the European Union. He merely referred to a message posted on social networks by EU Trade Commissioner Maroš Šefčovič,