If you’re feeling a little dizzy trying to follow the latest tariff developments, you’re not alone.
First came the country-by-country tariffs President Trump imposed under the International Emergency Economic Powers Act (IEEPA). Then the Supreme Court stepped in and struck that authority down — ruling that those tariffs were illegal.
And while big corporations are now asking whether tariffs already paid might be refunded, Trump quickly introduced a new global tariff — first 10 percent, then raised to 15 percent — under a completely different law, Section 122 of the Trade Act of 1974.
This one, thankfully, only lasts 150 days unless Congress decides to extend it.
So yes — it’s enough to make almost everyone in the trade feel a little off balance.
AGTA — Steady as She Goes
While all of this has been swirling around, the American Gem Trade Association (AGTA) has been focused on something much more practical: making sure loose colored gemstones don’t get trapped in whatever tariff imposition happens to come next.
At the moment, gemstones have been placed under Annex III, which allows tariffs to be renegotiated country by country through a process known as PTAAP. That pathway exists, and AGTA is already working with the Office of the United States Trade Representative (USTR) to pursue those discussions.
But it’s slow. And expensive. Every country requires a separate negotiation.
What AGTA would really like to see is gemstones moved to Annex II.
Annex II works differently. Instead of renegotiating tariffs country by country, it allows an exemption to apply globally.
Right now, because gemstones fall under Annex III, AGTA must pursue tariff relief one country at a time.
If gemstones were moved to Annex II, that exemption could apply across the board — eliminating the need for dozens of individual negotiations.
That would save time, money, and a lot of uncertainty for the trade.
So while tariff policy continues to spin — from IEEPA, to the Supreme Court decision, to the latest temporary surcharge — AGTA’s strategy has remained steady.
Get gemstones onto Annex II.
Because once gemstones land on Annex II, the industry can stop chasing whatever tariff rule comes next.
And get back to the business of gemstones.
