US Tariffs Reimposed on Belgian Diamonds and Portuguese Cork

The United States has reimposed tariffs on Belgian diamonds and cork products from Portugal, reversing previous exemptions granted under earlier trade agreements. This decision follows a Supreme Court ruling impacting the legal basis for those exemptions and raises concerns for the Antwerp diamond sector.

Background: Previous Exemptions and the Turnberry Agreement

In September 2025, the Antwerp World Diamond Centre (AWDC) celebrated a significant win with the EU-US Turnberry trade agreement, securing tariff-free access to the US market for polished diamonds of EU origin. Prior to this, a 15% tariff had been in place. This made Antwerp the only major diamond hub globally with such preferential treatment, giving it a competitive edge over competitors like India, which faces a 50% tariff. Approximately €2 billion worth of polished diamonds are exported from Belgium to the US annually.

The Shift: Supreme Court Ruling and Tariff Reinstatement

However, this advantage has now been eliminated. On February 20, 2026, the US Supreme Court ruled that former President Trump’s use of the International Emergency Economic Powers Act (IEEPA) was unconstitutional. This forced the administration to impose tariffs under Section 122 of the Trade Act of 1974, which does not automatically carry forward previous exemptions.

a 10% tariff on Belgian diamonds came into effect on February 25, 2026, replacing the previous zero-percent rate. Trump has also threatened to increase the tariff to 15%, the maximum allowed under Section 122.

Broader Impact: Beyond Diamonds

The impact extends beyond the diamond industry. Cork from Portugal, as well as aircraft and over a dozen other previously exempted EU products, have also lost their preferential treatment, affecting approximately $4.6 billion in annual EU-US trade.

Industry Response

The reimposition of tariffs has raised concerns within the Antwerp diamond sector. While the AWDC had previously secured a favorable position, the recent changes present new challenges for the industry.