At Large  August 14, 2018  Chandra Noyes

New Import Tariffs Threaten Art Market

flickr/Gage Skidmore

President Donald Trump

A new set of tariffs proposed by President Trump could hit the art world this month. As part of continued efforts to reduce the US’s trade deficit with China, the list of items subject to import tariffs continues to grow. Set to go into effect as soon as late August, that list now includes categories covering paintings, sculpture, collage, ceramics, and antiques from China. The 25 percent import tariff would present a heavy burden to galleries, individual collectors, and museums in the US.

flickr/Ungry Young Man

Sotheby's London Important Chinese Art Auction

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.

About the Author

Chandra Noyes

Chandra Noyes is Managing Editor for Art & Object.

Subscribe to our free e-letter!

Webform

Latest News

The New Healing Art
Medical researchers are finding new ways to treat pain using a potent mix of…
Seattle Art Museum Debuts New Installation
Created with watercolor and ink on handmade mulberry paper from Japan, "Carpe…
Figures Within the Landscape Reveal the Spirit of Mexico
Luces y Sombras means Lights and Shadows, a fitting title for an extraordinary…
Experts Refute Alleged da Vinci Eye Condition
Researchers are refuting a 2018 theory that one thing that gave Leonardo da…
Dallas Museum of Art Establishes New Works on Paper Department
The Dallas Museum of Art has announced the establishment of the Works on Paper…