Whiplash!
In a mind-numbing 180-degree reversal on Wednesday, the U.S. president abruptly paused all newly imposed ‘reciprocal’ tariffs for 90 days—except for the steep 145% levy on Chinese goods.
The move, which took effect just hours after the tariffs were enacted, left global markets reeling. India, which had been staring down the prospect of economic fallout, had already begun bracing for disaster.
The Numbers
Tariffs imposed – and then put on hold – on India’s Polished Diamonds, moving from 0% to 26%, on Gold products, moving from 7% to 33%, on Silver products, moving from 5% to 31%, and on Gemstones, moving from 6% to 32%.
Watch CNBC’s TV 18 report from India, an interview with Adil Kotwal, chairman of the SGJMA (Seepz Gems and Jewellery Manufacturers Association), and Sabyasachi Ray, executive director of the GJEPC (Gem & Jewellery Export Promotion Council) …
Tap the video/image below
