New Import Tariffs Threaten Art Market

Many feel that the tariff is exorbitantly punitive, given that China already has restrictive laws regarding the export of their cultural patrimony, and that the art market is relatively small. The US Department of Commerce calculates the market’s worth to be $280 million (which some consider a low estimate), which seems like a drop in the bucket compared to the $375 billion trade deficit President Trump is attempting to rectify.

Open hearings on the proposed tariffs are set to take place August 20-23, and many art institutes will undoubtedly voice their opposition.

Art & Object will continue to follow these developments in the coming weeks.