Relief and Anxiety as Trump Pauses Reciprocal Tariffs
April 09, 25
(IDEX Online) - The 90-day pause on US reciprocal tariffs, announced yesterday (9 April) by President Donald Trump, has brought a mixture of short-term relief and longer-term anxiety to the global diamond industry.
Last week's bombshell - with a headline 26 per cent tariff on all diamond imports from India - brought Surat to a virtual standstill and sent financial markets into freefall.
Trump's subsequent pause (with the exception of China) has steadied nerves, to some extent, and prompted speculation that the sweeping tariffs were imposed to bring trading partners to the negotiating table.
However the universal 10 per cent tariff remains in place, and the reciprocal tariffs have been suspended, not canceled.
The Jewelers Vigilance Committee (JVC), a non-profit industry watchdog, said: "As welcome as this pause is, JVC cautions members that it is only a pause and the administration's strategy is still not solidified.
"JVC continues to encourage members to work closely with their customs brokers and/or customs attorneys to evaluate their options as this situation develops."
In a statement on his social media platform Truth Social, President Trump announced increased tariffs of 125 per cent on China. He also said more than 75 countries had come forward to negotiate trade deals in recent days.
For countries that had not retaliated with increased tariffs on the US, he said: "I have authorized a 90 day PAUSE (his capital letters)" on reciprocal tariffs.
Video grab courtesy White House shows President Trump announcing reciprocal tariffs last week.