US Reciprocal Tariffs, Country by Country

(IDEX Online) - US reciprocal tariffs, first announced four months ago by President Donald Trump, came into force last Thursday (7 August) after some last-minute maneuverings.

The biggest shock for the diamond industry was a doubling of the import duties payable on Indian goods, from 25 per cent to 50 per cent.

There are many complexities to the new tariffs. Below is a simplified chart for the main diamond and gem producing, manufacturing and trading countries, based on data from the JVC (Jewelers Vigilance Committee), which provides a Tariff Tracker.  

Notes

1.      1. Non-industrial diamonds (unworked or simply sawn, cleaved or bruted) have a 10 per cent tariff. Jewelry and parts thereof are generally 25 per cent.

2.     2.  Tariffs on goods from India were introduced at 25 per cent on 7 August and will increase to 50 per cent on 27 August.

Tariffs range between 10 per cent and 50 per cent and are based on a products country of origin, not country of export. The tariffs mark a significant escalation in US trade policy and represent the highest tariff rates it has imposed in nearly a century.

Russia is not on the list because its exports are already sanctioned due to the war in Ukraine.