It’s a big setback for India as the US has announced retaliatory tariffs. While in the broader sense, it will be 26%. The Gems and Jewelry sector will be the most affected as import tariffs may be up to 20% from the current 0% on loose diamonds and 5.5-7% on gold jewelry. The US is one of India’s largest jewelry export markets, accounting for almost 30% of the share. Indian jewelry exports to the US are over $11 billion per year, said Colin Shah, MD, Kama Jewelry on the Latest US tariffs announced on Indian imports!
Further he added, the Indian government should work in this direction and look at lowering tariffs on US goods exported to India. As the tariffs announced are retaliatory in nature, they will be matched with the existing rates. India currently imposes a 20% import duty on gold, silver, and platinum jewelry from the US. Efforts should be made to rationalise import duty as well as balance trade with all major nations. Import duties help protect local industries, but the retaliatory tariffs will end up negating this step by most governments.
Gold prices rose further to cross the $3200 mark. This upward rise is due to the strong tariffs announced as well as future uncertainties. Broadly, we expect the uncertainties to continue in the short term till clarity emerges on the latest rounds of negotiations and new tariff rates on imports.”
Focussing on how gold hitting new high in the changing landscape he said, gold prices have touched a new high in today’s early trading session. The yellow metal’s price surged to a record high of $3,120 levels. The price rise is primarily due to uncertainty over the US tariff policy.
The uncertainty around the latest announcements by the US regarding the trade tariffs is pushing up the gold prices. The US President has declared that tariffs will be imposed on essentially all countries by this week. Following this, investors across the globe are diverting funds towards safe-haven assets like gold to tide them through these uncertain periods.
Moving forward, gold prices are set to touch levels of $3,250 by 2025-end, which will be supported by key factors such as trade tariffs by Trump, a weak US Dollar, and escalating geopolitical tensions between Russia and Ukraine as well as rising tension in the Middle East.
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