Trump’s Tariffs on Art

Trump's Tariffs and the European Art Market: What U.S. Collectors Need to Know

The recent introduction of tariffs under President Trump’s administration has sent ripples through the global art market, affecting cross-border trade, gallery participation in international fairs, and the costs associated with purchasing and shipping artworks. While much of the immediate focus has been on Canada and Mexico, the European art sector is watching developments closely, as Trump has threatened a 25% tariff on all imports from the European Union.

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As of the end of March, Trump has imposed a blanket 25% tariff on all steel and aluminum imported to the U.S., no matter the exporter. He has also enacted the following:

• Canada: A blanket 25% tariff has been imposed on all goods imported from Canada to the U.S., though a one-month exemption is currently in place until April 2nd on goods covered by the USMCA trade agreement, which includes artworks. Canada has imposed a set of retaliatory tariffs of 25% on some U.S. goods including “paintings, drawings and pastels, executed entirely by hand.”
• Mexico: A blanket 25% tariff has also been imposed on all goods imported from Mexico to the U.S. Like the Canadian tariffs, a one-month exemption is currently in place until April 2nd that covers artworks. Mexico has vowed to retaliate with its own set of tariffs, though the details have not yet been announced.
• China: A blanket tariff of 20% has been imposed on goods imported from China and Hong Kong, although there is currently an exemption on artworks. China has announced some retaliatory measures, including on agricultural products. Art is not understood to be affected.
• European Union: Trump has threatened to enact 25% tariffs on all imports from the 26-country bloc, but this has yet to materialize.

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How This Affects Collectors Buying from Europe

If Trump follows through with his threats, importing European art into the U.S. could become significantly more expensive overnight.

Why Act Now?

Experts are advising American collectors to act quickly while there are no additional tariffs on European artworks. With the possibility of policy changes at any time, securing purchases now could help avoid future financial burdens. Additionally, ensuring prompt shipping or negotiating storage options with galleries could be a strategic move.

What’s Next?

While there’s no certainty that tariffs on European artworks will take effect, the art world has historically shown resilience in the face of economic and political changes. Collectors should stay informed and work closely with galleries to navigate potential shifts in trade policy. As the situation unfolds, the European art market remains a valuable and exciting space for American collectors looking to invest in original works.

 

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https://www.artsy.net/article/artsy-editorial-art-collectors-trumps-tariffs