For Immediate Release
April 17, 2018
Contact: Mitch Moonier
P: (703) 383-1330
PMANA and FJATA Send Joint Letter to Secretary Wilbur Ross
Washington, D.C. – Today, the Precious Metals Association of North America (PMANA) and Fashion Jewelry and Accessories Trade Association (FJATA) sent a joint letter to Commerce Secretary Wilbur Ross and United States Trade Representative (USTR) Robert Lighthizer urging the administration to extend or make permanent the European Union’s (EU) steel and aluminum tariff exemptions.
In response to the administration’s steel and aluminum tariffs, the EU proposed retaliatory tariffs on U.S. imports totaling $8.2 billion. That total includes $1.5 billion in U.S. precious metals jewelry. The organizations say that the U.S. precious metals industry is tied strongly to the global trade of scrap and jewelry – it is difficult to have one without the other.
“When considering U.S.-EU trade of precious metals scrap and jewelry, the United States runs a trade surplus of $300 million,” reads the letter. Both organizations are concerned that tariff increases on U.S. jewelry will jeopardize this surplus and jobs along the precious metals supply chain.
Both organizations caution opening additional conflicts with close trade allies. “Instead, we recommend that the administration continues to work closely with our trade allies to collectively put pressure on partners that place barriers on fair and open trade with the United States,” the letter says.
The PMANA and FJATA continue to work together to protect the precious metals and jewelry industries from trade action that protect both industries. In addition to working with administration officials to address recent trade actions, the two organizations are represented on the Coalition to Combat Counterfeiting (CCC).