New Tariffs & the Hobby

On April 2, called “Liberation Day,” President Donald Trump imposed “reciprocal tariffs” on imports from around 90 countries that are above the 10-percent tax that applies to all imports to the United States. 

The Treasury states that these tariffs are necessary to rebalance America’s economy: “Regulatory barriers to American products, environmental reviews, differences in consumption tax rates, compliance hurdles and costs, currency manipulation and undervaluation all serve to deter American goods and keep trade balances distorted. As a result, U.S. consumer demand has been siphoned out of the U.S. economy into the global economy, leading to the closure of more than 90,000 American factories since 1997, and a decline in our manufacturing workforce of more than 6.6 million jobs, more than a third from its peak.”

On April 9, due to concerns from about 75 nations, Trump announced a 90-day pause on the reciprocal tariffs and lowered the tariff rate for most nations to 10 percent—except for China, whose rate has been raised to 125 percent. “Reciprocal. That means they do it to us, and we do it to them,” Trump says.

Effect on Coin Collecting

How does this impact the hobby? As of April 9, collectible items are not exempt from these taxes, meaning collectors who purchase coins, bank notes, medals, and other numismatic items from overseas auctions, dealers, and online sellers will face reciprocal tariffs. The tariff applies to the country of manufacture or origin, not the country in which the item is sold. For example, an ancient Greek coin purchased in a Spink auction (based in the United Kingdom) would be subject to Greece’s tariff rate, while paper money produced during China’s Qing dynasty would face a tariff rate of 125 percent.

To learn more about reciprocal tariffs and keep up to date with the changing rates, visit the White House website.