International News
EU Targets U.S. Gem and Jewellery Imports in $26 Billion Retaliatory Tariff Response
The European Union has announced a set of retaliatory measures to address the U.S.’s recent imposition of tariffs on European steel and aluminium, which have spurred tensions between the two economic powers. The European Commission revealed that it will implement tariffs targeting U.S. exports worth up to €26 billion, including diamonds, coloured gemstones, and jewellery. The measures, scheduled to take effect on April 1st, come as the EU decries the U.S. tariffs on steel and aluminium, which are valued at over €18 billion.
European Commission President Ursula von der Leyen emphasized that the EU’s countermeasures, which match the scale of U.S. tariffs, are designed to be both firm and proportionate. “As the U.S. is applying tariffs worth $28 billion, we are responding with countermeasures worth €26 billion. This matches the economic scope of the U.S. tariffs,” she stated.
However, the EU remains open to resolving the dispute through negotiations. Von der Leyen entrusted Trade Commissioner Maroš Šefčovič to continue talks with the U.S. in hopes of finding a mutually beneficial solution, stressing that both sides should avoid escalating tensions in a time of global economic uncertainty.
US spot Gold prices climbed above $4,250 early Monday, touching a six-week high as investors turned cautious ahead of the upcoming US ISM Manufacturing PMI release. The yellow metal is poised for further upside momentum if it secures a sustained daily close above the crucial $4,250 resistance level.
The US Dollar opened December on a softer note, pressured by rising expectations that the Federal Reserve may announce a rate cut next week. Growing market confidence in easing monetary conditions has boosted the appeal of non-yielding assets such as gold.
Analysts note that a decisive break and close above $4,250 could reinforce bullish sentiment and pave the way for an extended rally in the days ahead. As global markets await fresh cues from the US economic calendar, gold continues to benefit from a favorable macroeconomic backdrop and robust safe-haven demand.
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