President Trump's newly announced tariff regime is causing chaos in the international art and antiques market, as dealers scramble to understand the implications. The tariffs, affecting over 60 countries, range from 10% to 54%, creating significant trade imbalances. Countries such as Japan and the UK face substantial rates. While certain art pieces were traditionally exempt from tariffs, complexities arise under the new laws enacted using emergency powers, spurring concern and confusion among traders about the future of imports and exhibitions in the US.
Importers seeking to bring goods into the US from other countries now face tariffs of between 10% and 54%, based on existing trade imbalances between the US and individual countries.
Ordinarily, paintings and sculptures are exempt from customs duties, but under the recently announced tariff it gets a little more complicated, because Trump announced this set under a rarely used emergency powers statute.
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