(Reuters) - Shares in European luxury companies dropped on Thursday after U.S. President Donald Trump announced new tariffs, including on goods from the European Union and Switzerland.

The European Union was targeted with a 20% rate, while Switzerland with a 31% rate - both important markets for luxury.

JPMorgan analysts said in a note they expected to see the most pressure on the Swiss watchmakers given high import duties, with both Cartier owner Richemont and Swatch Group already on thin margins.

Richemont was down 4%, Swatch Group shed 4.3% at 0715 GMT.

Jewellery maker Pandora dropped around 13% to its lowest in more than a year on a 36% tariff for Thailand, which JPMorgan said was its sole sourcing country.

Burberry ( BBRYF ) was down 4.3%, Gucci owner Kering around 3%, LVMH slipped 2.9%.