On September 1, 2019, diamonds, gems and jewelry imports from China will be slapped with a 10 percent tariff, affecting some $13 billion worth of goods that are expected to be imported toward the holiday season. US jewelry industry leaders have been trying to avert the verdict but in spite of their efforts, which included a high-brow delegation led by David Bonaparte of Jewelers of America (JA) to Washington in July, jewelry products were not included in the products exempted until December from the 10 percent tariff hike.
The USTR will delay tariffs on a basket of $300 billion in consumer goods that are made in China and sold in the United States, which were set to rise to 10 percent on September 1, until at least December 15, according to the website of The Street. "Cell phones, video game consoles, certain toys and footwear will get the short term exemption."
"Certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10 percent," the USTR said. "USTR intends to conduct an exclusion process for products subject to the additional tariff," The Street reported.
Fears are that the new tariffs could speed up retail store closings for the US retail industry, which has already closed more doors than in all of 2018.
The Street also noted that retailers have been cutting jobs tied to bankruptcy at the highest level in a decade, slashing almost 43,000 positions this year through July - a 40 percent increase from last year.