The Jewelers of America (JA) expressed relief that a proposed 25 percent tariff on additional Chinese goods, which include jewellery-related items, has been shelved as US and China resume trade talks.
According to Susan Thea Posnock, director of Public Affairs & Education at Jewelers of America, US-based jewellery companies were initially concerned about plans to tax additional items imported into the US from China.
“We’re pleased that the proposed tariffs will not be imposed,” Posnock told JNA in an email. “We’ll continue to keep an eye on the issue.”
US President Donald Trump last month agreed not to impose a fresh round of tariffs on more than US$300 billion worth of Chinese imports during a meeting with Chinese President Xi Jinping at the G20 Summit in Osaka, Japan.
Tariffs levied on US$250 billion worth of Chinese goods, and on US$110 billion of US products, however, remain in place.
Posnock said majority of JA members are not exporting to China while “existing tariffs haven’t had a significant impact on our members.”
Jewelers of America is the national trade association for businesses and organisations serving the US fine jewellery marketplace and represents every facet of the jewellery supply chain.
Its members include more than 8,000 jewellery businesses.
At a G20 summit media conference in June, President Trump was quoted as saying, “We’re going to work with China on where we left off to see if we can make a deal.”
In a separate statement, China said it is sincere in continuing negotiations with the US to manage differences, but “negotiations should be based on equality and mutual respect and address each other's legitimate concerns.”