7-6-2021
The United States has announced 25 percent tariffs on six countries, later suspended the taxes for up to six months to buy more time for multilateral negotiations on the trade dispute.
The proposed import duty rises on Austria, India, Italy, Spain, Turkey and the UK was in response to their digital service taxes on United States e-tailers. 17 out of 40 Indian goods involved were Indian jewellery, including gold and silver items. Jewellery from Turkey and the UK are also targeted while jewellery sector of Italy would not be affected by the tariffs.
The United States market accounts for 25.6 percent of the total US$36 billion jewellery exports from India. GJEPC chairman Colin Shah noted: “The imposition of the proposed 25 percent import duty on 17 Indian jewellery items would have immensely impacted this labour-intensive sector with a loss of jobs and livelihoods and a shift of business to countries such as China and Mexico.”
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