In a move to counter the United States’ latest tariffs on European Union steel and aluminium imports, the European Commission has announced a series of retaliatory measures, that could impact the U.S. gem and jewellery industry. The decision, detailed in a press release, comes as a response to what the EU deems “unjustified” tariffs imposed by the U.S., effective this morning, which slap a 25% duty on EU steel and aluminium exports valued at over €18 billion.
The Commission’s countermeasures, set to roll out in two phases starting 1st April, could impact up to €26 billion worth of U.S. exports to the EU. Among the list of products that could be subject to possible measures are Diamonds (71023900); Coloured Gemstones (71039100); and Jewellery (71159000) among others.
European Commission President Ursula von der Leyen said, “The countermeasures we take today are strong but proportionate. As the US are applying tariffs worth $28 billion, we are responding with countermeasures worth €26 billion. This matches the economic scope of the US tariffs.”
Despite the firm stance, the EU remains open to dialogue. Von der Leyen entrusted Trade Commissioner Maroš Šefčovič to resume talks with the U.S., signalling readiness to reverse the measures if a negotiated solution emerges. “In a world fraught with geopolitical and economic uncertainties, it is not in our common interest to burden our economies with tariffs,” she said.