Tariffs on goods entering the US are now back to 1909 levels (source: Bloomberg), and as I write to you from Spink’s Hong Kong office, I have to point out that as of yesterday, a tariff of 104% applies to goods imported into the US from China.
We all have our personal opinions on the matter, and many of us were health experts during Covid, geopolitical experts during the Russia-Ukraine war, and now we are all experts on international trade! Nobody knows how the cards will ultimately fall. In every crisis, there is a risk and an opportunity.
Here is what we know at 8pm Hong Kong local time on Wednesday 9 April 2025:
After the introduction of new tariffs on imports to the US, there is unfortunately no exemption from this rule for collectibles at this time.
So far, apart from possible reciprocal tariff barriers by various trading partners, mainly collectors based in the US are affected. It is fair to say that dealers, auction houses, experts and valuation services based in the US could also be affected.
And the rule to keep in mind is that the tariff rate applies to the country of manufacture where the collectible was minted or printed. A coin minted 2,000 years ago in ancient Greece is considered to have been manufactured in Greece, and therefore the EU tariff rate of 20% applies. An Indian banknote printed 100 years ago by De la Rue or Bradbury Wilkinson in the UK is considered to have been produced in the UK and is subject to the 10% rule. And a Ming banknote printed in 14th century China (I love them!) will be subject to a 104% tariff upon arrival in US soil.
As mentioned earlier, lots purchased by US residents at Spink auctions in London and Hong Kong are subject to duties based on the country of manufacture/origin. The attached list shows the countries of origin with duty rates above 10%. For all other countries of origin, 10% applies when shipped to the US. The list can be found here: https://www.whitehouse.gov/wp-content/uploads/2025/04/Annex-I.pdf. It is, of course, subject to change on a regular basis and, as stated above, at the time of writing, China is at 104%.
Spink is very fortunate in that most of the stamps, coins, banknotes and medals we sell are made in the UK and so, at the time of writing, enjoy the most favourable tariff of 10%.
There is no doubt that US-based collectors will be at a disadvantage when bidding in the near future, as they will have to take the tariff into account when calculating the maximum price they are willing to pay for an item.
As most of you know, we offer some storage in our London vaults and would be happy to discuss storing your purchases in London or Hong Kong, provided this does not violate international law.
It is certainly a very disruptive step: the competitive position of not only countries but also collectors and market participants is being redistributed. No doubt this will develop very fluidly, and it is possible that some parts will already be outdated by the time you read this email. But I still thought it would be useful to share with you what we understand at this point in time. As soon as the situation becomes clearer, we will continue to keep you informed and encourage your passion for collecting!
And as one of my favourite sayings goes, which I used when writing to you during Covid: ‘Everything will be fine in the end, and if it is not yet fine, it is not yet the end.’
And never forget that we, as collectors, have a distinct advantage over all other people: in these turbulent times, we can find remarkable solace in our collections.
Best regards,
Olivier D. Stocker, CFA, FRPSL,
President and CEO of Spink
Translated with DeepL (www.deepl.com)
