US art trade reels as Trump tariffs persist despite Supreme Court ruling
On February 20, the US Supreme Court delivered a 6-3 verdict declaring President Donald Trump's unilateral tariffs unconstitutional, emphasizing that the authority to levy taxes resides with Congress. This ruling annulled the 'reciprocal' tariffs enacted under an emergency powers statute. Subsequently, Trump introduced new tariffs reaching as high as 15% under a separate emergency law, set to last for 150 days unless Congress intervenes. Following this, lawsuits were initiated by 22 state attorneys general along with the governors of Kentucky and Pennsylvania. On March 4, a federal judge in New York determined that companies are entitled to refunds for tariffs they had previously paid. The art market is particularly impacted, with new tariffs on decorative art objects creating turmoil among dealers.
Key facts
- US Supreme Court struck down Trump's tariffs as unconstitutional on 20 February.
- Trump imposed new tariffs of up to 15% under a different emergency law the same day.
- New tariffs last 150 days unless extended by Congress.
- Lawsuits from 22 states and governors of Kentucky and Pennsylvania challenge new tariffs.
- Federal judge in New York ruled on 4 March that refunds are due for tariffs paid under struck-down regime.
- Decorative art objects are not exempt from tariffs; fine art, rare coins, stamps, and antiques over 100 years are exempt.
- Antiques dealer Millicent Creech faces shipping costs of £1,000 for a chair valued under £200.
- National Antique and Art Dealers Association of America plans advocacy strategy.
Entities
Institutions
- US Supreme Court
- Congress
- Sotheby's
- FedEx
- Ralph M. Chait Galleries
- National Antique and Art Dealers Association of America
- Sullivan & Worcester
Locations
- United States
- New York
- Memphis
- Tennessee
- Kentucky
- Pennsylvania
- London
- United Kingdom
- China
- Boston