President Donald Trump’s administration has secured an agreement with China to freeze or cut certain tariffs, trimming the average import duty on Chinese goods by 10 percentage points — from 57% to 47%. The move follows Beijing’s decision to suspend new export controls on rare earth elements vital to the technology sector.

In parallel, Washington and Bangkok have established a framework trade pact setting US tariffs on Thai goods at 19% while exploring potential exemptions. Both China and Thailand are major exporters of jewellery and diamonds.

The US has also reaffirmed reciprocal 19% tariffs with Cambodia and Malaysia under recently signed agreements, which include provisions for select products listed under Annex III — such as diamonds and jewellery — to qualify for zero-duty treatment.

Separately, the American Watch Association (AWA) and the Jewelers Vigilance Committee (JVC) filed a brief with the US Supreme Court on October 24 urging it to declare the reciprocal tariffs unlawful. The levies “impose extraordinary costs on American businesses, workers, and consumers without generating any meaningful offsetting benefit,” they argued.