Ruling court nullifies Trump tariffs – AUGMONT BULLION REPORT

Published

9 months ago

May 30, 2025

JewelBuzz Spread The Buzz

1,422 Views

Gold stabilizes in a range as a court decision overturns Trump’s tariffs, increasing risk appetite and depressing the greenback. After the U.S. Court of International Trade determined on Wednesday that Trump had overreached himself by using emergency powers to impose high tariffs on the majority of the nation’s trading partners, gold prices rose.
On Thursday, the U.S. Bureau of Economic Analysis released its initial update on the country’s first-quarter economic growth. According to the agency, the US GDP decreased by 0.2% over that time, which was less than the 0.4% decline that was anticipated and less than the 0.3% decline that the bureau had initially projected.
While acknowledging certain stagflation concerns, policymakers pointed out that the Committee may have to make tough trade-offs if inflation turns out to be more persistent and growth and employment prospects deteriorate.

Technical Triggers

Gold prices are expected to trade in the range of $3270 (~Rs 95000) and $3370 (~Rs 96400) in the near term. Either side breakout or breakdown will give 2-3% movement.

Silver prices are expected to trade in the range of $32.5(~Rs 96000) and $34(~Rs 99000) in the near term.

Related Topics:2025 Augmont Bullion Report internationalnews

Up Next

Gold Jewellery Value Set to Rise 12–14% in FY26 Despite Volume Decline- ICRA

Don't Miss

Swarovski Names Kolja Kiofsky as Chief Commercial Officer, Effective January 2026

Click to comment

Name*

Email*

Website

Name*

Email*

Website

0 Comments

Oldest

Newest Most Voted

Inline Feedbacks

View all comments

AGTA appeals US Government to Scrap 10% Import Tariff on Gemstones

Trade body seeks exemption for coloured gemstones under new temporary tariff regime, with potential implications for diamonds.

Published

1 day ago

February 27, 2026

JewelBuzz Spread The Buzz

1,361 Views

The American Gem Trade Association (AGTA) has formally appealed to the US government to remove the newly imposed 10% global import tariff on gemstones, and potentially diamonds, warning of its impact on the trade.

The tariff was announced on February 20 after the US Supreme Court struck down President Donald Trump’s reciprocal tariffs issued under the International Emergency Economic Powers Act (IEEPA). In response, the administration introduced a temporary 10% import surcharge under Section 122 of the Trade Act of 1974. The measure will remain in effect for 150 days unless Congress votes to extend it, though further tariff mechanisms have not been ruled out.

AGTA has submitted a formal request to the Office of the United States Trade Representative (USTR), urging that precious and semiprecious coloured gemstones be added to the exception list under Annex I or Annex II. The association argued that these stones are not mined domestically in the US and therefore should qualify for exemption.

Previously, AGTA’s lobbying efforts contributed to diamonds and gemstones being included in Annex III — a list of products eligible for potential exemption from duties for “aligned” countries. This had placed Indian diamonds and gemstones on track for relief following a prospective US-India trade agreement. However, it remains unclear whether Annex III provisions apply under the new tariff framework that recently took effect.

If the across-the-board exemption request is denied, AGTA has asked the USTR to confirm whether Annex III remains a viable pathway for country-specific tariff relief on coloured gemstones.

While the current petition focuses on coloured gemstones, AGTA noted that trade experts believe any exemption granted in this category could effectively extend to diamonds, as seen in past trade agreements such as the US–European Union deal.

“We will continue to work tirelessly toward eliminating tariffs on gemstone imports into the US. We remain fully committed to this effort — giving up is not an option,” said AGTA President Bruce Bridges and CEO John Ford.