International News
Gold, ‘Non-traditional reserve currencies’ eat into U.S. dollar’s reserve dominance: Wolf Richter
Gold and other reserve currencies – but not the euro or renminbi – are steadily eroding the U.S. dollar’s position as the world’s preeminent reserve asset, according to Wolf Richter, analyst and publisher of Wolf Street.
“The status of the US dollar as the dominant global reserve currency has helped the US fund its twin deficits, and thereby has enabled them: the huge fiscal deficit every year and the massive trade deficit every year,” Richter wrote in an article published Monday. “The reserve currency status comes from other central banks (not the Fed) having purchased trillions of USD-denominated assets such as Treasury securities, other government securities, corporate bonds, and even stocks. The dollar status as the dominant reserve currency has been crucial for the US, and as that dominance declines ever so slowly, risks pile up ever so slowly.”
Total holdings of USD-denominated securities by other central banks (not the Fed) fell by $59 billion to $6.63 trillion at the end of 2024, from $6.69 trillion at the end of 2023,” he noted. “And the dollar’s share declined to 57.8% of total allocated exchange reserves at the end of 2024, the lowest since 1994, down by 7.3 percentage points in 10 years, as central banks have been diversifying their holdings for years to assets denominated in currencies other than the dollar, and into gold.”
International News
US Begins Third Phase Of Tariff Refunds For Diamond and Jewellery Importers
To Qualify For Phase III, An Importer Must Be A Plaintiff In A Relevant Case and Have A Court Order Directing CBP To Reassess The Import Entry and Refund The Duties. The Importer Must Also Have Provided A Valid Importer Of Record Number To CBP By July 30. This Number Identifies The Party Legally Responsible For The Customs Entry.
The United States has launched the third phase of tariff refunds for diamond and jewellery importers who paid duties imposed under President Donald Trump’s emergency tariff policy. However, the refunds are currently limited to businesses that filed lawsuits against the government and obtained court orders directing customs officials to return the money.
US Customs and Border Protection (CBP) launched Phase III on October 6. The programme covers importers whose cases are before the US Court of International Trade and who have secured orders requiring customs officials to reopen previously finalised import entries, remove the disputed duties and issue refunds.
Although the US Supreme Court struck down the tariffs imposed under the International Emergency Economic Powers Act (IEEPA) in February, not all affected businesses can claim refunds under the current phase. Legal proceedings are continuing over refunds for importers who did not file individual lawsuits.
To qualify for Phase III, an importer must be a plaintiff in a relevant case and have a court order directing CBP to reassess the import entry and refund the duties. The importer must also have provided a valid Importer of Record number to CBP by July 30. This number identifies the party legally responsible for the customs entry.
On October 8, the Court of International Trade certified a class action covering importers that paid IEEPA tariffs but did not file their own refund lawsuits. The decision could provide a path to refunds for a wider group of businesses. However, it does not mean that all affected importers can immediately claim refunds under Phase III.
Jewelers Vigilance Committee, has advised jewellery businesses to maintain detailed records of tariffs paid, payment dates and related import numbers. These records could help support future refund claims.
US customs officials have estimated that approximately US$166 billion in IEEPA duties were collected across around 53 million import entries. The collections covered a wide range of imported goods, not just diamonds and jewellery.
Importers are advised to review the duties they paid, confirm who was listed as the Importer of Record and check whether their import entries and legal cases meet the refund requirements. The programme does not cover tariffs imposed under other legal authorities.
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