On April 2, 2025, President Donald Trump announced the imposition of a 10% tariff on products imported into the US as well as additional tariffs to be applied against the import of products from countries deemed to have taken advantage of their trading relationship with the US. Those countries subject to the imposition of the additional tariff, as well as the president’s rational for the tariffs may be found here: https://www.whitehouse.gov/fact-sheets/2025/04/fact-sheet-president-donald-j-trump-declares-national-emergency-to-increase-our-competitive-edge-protect-our-sovereignty-and-strengthen-our-national-and-economic-security/,

It is also important to note that to the extent a tariff is applicable to a product, the rate to be applied is based on the country of origin of manufacture/production – not the country from which the item is exported.

While the 10% tariff will be effective April 5,2025, the tariffs applicable to countries subject to the higher tariff rates will be effective April 9, 2025. Note that the tariff scheme has not been released to the US Federal Register and as a result is subject to change.

The president is utilizing authority granted under 50 U.S.C. section 1701 and section 1702 as support for the tariff plan. For our industry there exists an important exception to the products subject to the announced tariffs. Specifically, 50 U.S.C. section 1702 (b)(3) lists the following exemptions:

(3) the importation from any country, or the exportation to any country, whether commercial or otherwise, regardless of format or medium of transmission, of any information or informational materials, including but not limited to, publications, films, posters, phonograph records, photographs, microfilms, microfiche, tapes, compact disks, CD ROMs, artworks, and news wire feeds.

We await the publishing of the Federal Register to assist in determining the specifics of the announced plan. In the interim we will continue to investigate the extent to which the exemptions identified above apply to other items important to our industry (e.g. antiques).
For more information please contact us at 1.718.392.9770 or submit contact form