US President Donald Trump plans to implement reciprocal tariffs on all countries, countering previous speculation of targeting only 10 to 15 nations. These tariffs aim to rebalance trade and support US manufacturing, although specifics on affected countries and tariff calculations remain unclear.US President Donald Trump announced that he plans to begin his reciprocal tariff strategy with “all countries,” dismissing speculation that the initial tariffs, set to be unveiled on April 2, would target only 10 to 15 nations.

He has pledged to impose reciprocal tariffs on countries that levy fees on U.S. exports, aiming to match their duties. In February, Trump signed a memorandum instructing U.S. trade officials to craft customised countermeasures for each targeted country.

A hike in US tariffs that could adversely affect Indias  already-struggling diamond and jewellery sectors. India’s exports of gems and jewelry particularly studded gold jewelry and cut and polished diamonds will be largely impacted. A sudden tariff hike could severely impact exports, putting thousands of livelihoods at risk.

In 2024, India’s key exports to the US included precious and semi-precious stones (USD 5.3 billion), gold and other precious metal jewellery (USD 3.2 billion).India’s imports from the US included  cut and polished diamonds (USD 2.6 billion),  and gold (USD 1.3 billion).