European Union to impose tariffs on imported diamonds and gemstones from the U.S.

The European Union is planning to add tariffs to diamonds, gemstones, and precious metals imported from the United States. This step by the EU is in response to President Trump’s decision to slap new levies on all aluminium and steel imports to the U.S.

According to an EU list, goods that would be subject to the planned retaliatory tariffs include “diamonds, worked, but not mounted or set (excluding industrial diamonds)”; “rubies, sapphires, and emeralds, worked…but not strung, mounted, or set”; silver; platinum; palladium; and “imitation jewellery, of base metal, whether or not plated with precious metal.”

The tariffs could total up to $28 billion.