The European Union (EU) has announced plans to impose tariffs on US imports, including diamonds, gemstones, and metals used in jewelry production, in retaliation for what it calls “unjustified” taxes imposed by the US on aluminum and steel.
“The Commission regrets the US decision to impose such tariffs, considering them unjustified, disruptive to transatlantic trade, and harmful to businesses and consumers, often resulting in higher prices,” the EU stated last week.
The proposed countermeasures could affect up to €26 billion ($28.4 billion) worth of US exports, matching the economic impact of the US tariffs.
Starting in mid-April, the EU intends to target specific US goods unless the US lifts its tariffs on European aluminum and steel.
The proposed list includes nonindustrial diamonds, unset rubies, sapphires, and emeralds, as well as silver, platinum, palladium, and imitation jewelry made with base metals.
Despite its firm stance, the EU has expressed willingness to negotiate a resolution that could lead to the removal of tariffs on both sides.
“The trade relations between the European Union and the US are the largest in the world,” said Ursula von der Leyen, President of the European Commission. “The US is imposing a 25% tariff on steel and aluminum imports.
We deeply regret this measure. Tariffs are taxes—they harm businesses and consumers, disrupt supply chains, and create economic uncertainty.
Jobs are at stake, and prices will rise in both Europe and the US. However, we remain open to negotiations because, in a world filled with geopolitical and economic uncertainties, burdening our economies with tariffs is not in our shared interest.”
