AWDC Warning over EU Tariff Retaliation
April 06, 25
(IDEX Online) - The Antwerp World Diamond Centre (AWDC) says it is actively lobbying government bodies to protect the interests of its 1,400 members companies from a possible trade conflict, following Trump's announcement of "reciprocal tariffs" last week.
It is concerned that the European Commission could implement countermeasures against the US, including increases tariffs on diamonds, colored gemstones and jewelry, which would have a direct impact on Antwerp.
The US will start charging all EU countries a 20 per cent tariff on imports from this Wednesday (9 April).
The AWDC says polished diamonds are a significant export from the US to Europe (as well as bourbon and Harley-Davidson motorbikes) and are currently listed as a potential candidate for retaliatory measures.
In a pre-emptive strike the EU said last month that it was taking "strong but proportionate" countermeasures, in response to a 25 per cent duty imposed by the US on steel and aluminum imports.
Now that the full scale of US tariffs has become clear, the EU could end up in a tit-for-spiral of tariffs and counter-tariffs.
In an update to members the AWDC said: "AWDC is actively working to protect Belgium's diamond sector and keep it out of this trade conflict.
"Through intense lobbying efforts and discussions with various government bodies, we are striving to ensure that diamonds do not end up on the final list of products subject to European countermeasures against President Trump's tariffs."
It said it was important to note that nothing had yet been finalized.