US President Donald Trump has extended the deadline for implementing tariffs from July 9 to August 1, while threatening to raise the rates of at least 14 countries, two of which are major exporters of diamonds and gemstones.
In an executive order Monday, the president said it was “necessary and appropriate” to extend the suspension by three weeks, to continue negotiations with other countries. At the same time, the government sent letters to 14 countries outlining their prospective tariff increase should they not reach a deal with the US. On his Truth Social platform, Trump indicated the new deadline was firm.
“As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow and for the next short period of time, tariffs will start being paid on August 1, 2025,” he wrote Tuesday. “There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting August 1, 2025 — no extensions will be granted.”
Two of the countries that received letters were major players in the diamond and gemstone industry. South Africa, home to De Beers’ Venetia diamond mine and the Petra-owned Cullinan and Finsch deposits, also exports platinum. The country’s tariff rate is likely to increase to 30% from its current 10% on August 1. Meanwhile, Thailand, which produces a number of gemstones, will see taxes rise from 10% to 36%.
Despite Trump’s firm stand on social media regarding a hard deadline for implementing levies, the president has previously postponed tariffs for trade negotiations and has openly stated he was still ready to make deals, meaning there is a chance of further delays.
Additionally, there has been some back-and-forth in the courts regarding the extent of Trump’s authority to impose tariffs on multiple countries unilaterally. In May, the US Court of International Trade blocked most of the reciprocal tariffs. However, a separate court reversed that decision shortly afterward.
Image: Shipping containers at the port. (Shutterstock)
Source : Rapaport