diff --git a/tools/perf/Makefile.perf b/tools/perf/Makefile.perf
index 374378322db98646cfd4d4b43012f1c2f809fefb..1af0cfeb7a57824980ef64fdf4d26f643fa7ab6c 100644
--- a/tools/perf/Makefile.perf
+++ b/tools/perf/Makefile.perf
@@ -174,7 +174,7 @@ LIBTRACEEVENT = $(TE_PATH)libtraceevent.a
 export LIBTRACEEVENT
 
 LIBTRACEEVENT_DYNAMIC_LIST = $(TE_PATH)libtraceevent-dynamic-list
-LDFLAGS += -Xlinker --dynamic-list=$(LIBTRACEEVENT_DYNAMIC_LIST)
+LIBTRACEEVENT_DYNAMIC_LIST_LDFLAGS = -Xlinker --dynamic-list=$(LIBTRACEEVENT_DYNAMIC_LIST)
 
 LIBAPI = $(LIB_PATH)libapi.a
 export LIBAPI
@@ -191,7 +191,8 @@ PYTHON_EXT_SRCS := $(shell grep -v ^\# util/python-ext-sources)
 PYTHON_EXT_DEPS := util/python-ext-sources util/setup.py $(LIBTRACEEVENT) $(LIBAPI)
 
 $(OUTPUT)python/perf.so: $(PYTHON_EXT_SRCS) $(PYTHON_EXT_DEPS) $(LIBTRACEEVENT_DYNAMIC_LIST)
-	$(QUIET_GEN)CFLAGS='$(CFLAGS)' $(PYTHON_WORD) util/setup.py \
+	$(QUIET_GEN)CFLAGS='$(CFLAGS)' LDFLAGS='$(LDFLAGS) $(LIBTRACEEVENT_DYNAMIC_LIST_LDFLAGS)' \
+	  $(PYTHON_WORD) util/setup.py \
 	  --quiet build_ext; \
 	mkdir -p $(OUTPUT)python && \
 	cp $(PYTHON_EXTBUILD_LIB)perf.so $(OUTPUT)python/
@@ -282,7 +283,8 @@ $(PERF_IN): $(OUTPUT)PERF-VERSION-FILE $(OUTPUT)common-cmds.h FORCE
 	$(Q)$(MAKE) $(build)=perf
 
 $(OUTPUT)perf: $(PERFLIBS) $(PERF_IN) $(LIBTRACEEVENT_DYNAMIC_LIST)
-	$(QUIET_LINK)$(CC) $(CFLAGS) $(LDFLAGS) $(PERF_IN) $(LIBS) -o $@
+	$(QUIET_LINK)$(CC) $(CFLAGS) $(LDFLAGS) $(LIBTRACEEVENT_DYNAMIC_LIST_LDFLAGS) \
+		$(PERF_IN) $(LIBS) -o $@
 
 $(GTK_IN): FORCE
 	$(Q)$(MAKE) $(build)=gtk