We have seen that the US government is adding tariffs to a lot of items in recent times. However, we now see that the tariffs from the US administration might affect the Art Industry as well. Because it is revealed that some prints and photographs from the art industry being imported from Germany and the United Kingdom might get tariff hits.
But the issue goes back to the United States and the European Union’s dispute regarding the manufacturing of aeroplanes. The problem, however, is that American buyers of photographs and prints from the UK and Germany will have to buy them at higher prices.
A court ruling by the World Trade Organization’s gave US administration the permission impose tariffs on a variety of European products which include prints and photographs. Now, we believe that this is expected to have a slowdown in the art industry as well.
Also known is the fact that these tariffs will not be something that should not be noted. As we have known that 25% tariff will be levied on the above-mentioned products for the American customers. In a statement, the Art Dealers Association of America said that this tariffs will have a “detrimental impact”. This also tells you about the issue that is facing American customers looking to buy art products from international channels such as the EU.
The association also added that “Additionally problematic is the short time between the WTO’s decision and the tariffs’ enforcement, leaving small businesses little time to prepare and adapt.” while also adding that “Because the tariffs apply to lithographs and photographs printed in the last twenty years, they will also have a considerable impact on living artists, who rely on galleries as an important vehicle to sell their works and to foster cultural exchange,”. They also feel that the impact will be mostly similar to tariffs imposed on Chinese Artwork.