Trump's new tariffs to impact Armenian exports 

By Elen Muradyan

U.S. President Donald Trump has announced a sweeping new tariff policy affecting imports from countries worldwide, including Armenia. "Trump referred to the policy as part of an 'Economic Independence Declaration' on what he called 'Liberation Day.' It will impose a minimum 10% tariff on all imports to the U.S., up from the previous 0% for Armenian goods."

This policy will particularly affect Armenia's diamond exports, which constitute more than half of the country's exports to the United States. According to economist Haykaz Fanyan, the U.S. imported $129 million worth of goods from Armenia in 2024, with diamonds accounting for $74 million (57%) of that total.

The new tariffs could significantly impact Armenia's trade balance with the U.S., which is already heavily skewed toward imports. According to Armenia's Statistical Committee, in 2024 Armenia exported $59 million to the United States while importing around $349-352 million.

Trump’s policy targets countries worldwide but focuses particularly on China (34% tariff), the European Union (20%), Japan (24%), and India (26%). Even poorer countries like Vietnam and Myanmar will face tariffs of around 50%. The president implemented these measures by declaring a national emergency based on the U.S. trade deficit, allowing him to bypass Congress.

Economists note the decision will raise the average import tax in the U.S. from 3-4% to 10-15%. By comparison, the average tariff rate is currently about 5% in the EU, 7.5% in China, and 17% in India.

Economic experts have criticized Trump's approach as outdated, pointing to similar policies that proved ineffective during the Great Depression of the 1930s. They emphasize that tariffs are effectively a consumption tax on imported goods that will be paid by American consumers, leading to higher prices and slower economic growth.

For Armenia, the new policy threatens to further widen the already substantial trade deficit with the United States, as Armenian imports from the U.S. currently exceed exports by approximately six times. The diamond industry, Armenia's leading export sector to the American market, now faces significant challenges that could reshape trade relations between the two countries.