European Union member states have united in support of a proposal from the European Commission to implement new tariffs ranging from 10 to 25 percent on various American exports. This list encompasses items such as engines, textiles, plastic products, electrical appliances, beauty items, and agricultural goods like soybeans, citrus fruits, and poultry.
These tariffs represent the EU’s response to the American tariffs, which can reach up to 25 percent on steel and aluminum, imposed since March 12. This marks the EU’s initial countermeasure to the unprecedented tariff campaign initiated by U.S. President Donald Trump.
The Antwerp diamond industry association, AWDC, has expressed relief that polished diamonds imported from the United States are currently exempt from these tariffs. The organization warns that European import duties could severely impact Belgium’s diamond sector without significantly affecting the U.S. market.
In the diamond trade, import duties are determined by a product’s origin, specifically the country where the diamond is polished, which seldom occurs in the U.S. As such, the Belgian industry is pleased to avoid many administrative hurdles and potential delays.
“It is common in our industry for diamonds to be transported multiple times between Belgium and the United States,” explained CEO Karen Rentmeesters. “For instance, we might send them to the U.S. to obtain certification from a major diamond laboratory. If tariffs applied, those diamonds would incur import duties both when entering the U.S. and when returning to Europe.”
The United States plays a significant role in Belgium’s diamond trade, representing 16 percent of the market. The total trade value of polished diamonds with the U.S. is nearly $4 billion.
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