Trump Exempts Diamonds, Oil and Gas From New Tariffs After 321-Diamond Gift

1 articles · Updated · The New York Times · Jul 30

Diamonds were spared again when Trump’s new global tariffs carved out exemptions for diamonds, oil, gas, copper and other items announced Friday.
Months of lobbying by Antwerp’s diamond industry helped secure the carve-out after European officials negotiated last year, and the Antwerp World Diamond Center recently presented Trump with an 18-karat ring set with 321 diamonds.
The exemption reverses a brief renewed hit to diamond imports after the Supreme Court struck down earlier tariffs in February and Trump replaced them with new duties.
Antwerp’s role is central: the hub handles most of the world’s rough diamonds and about half of polished stones, making tariff treatment there significant for the global trade.