The looming trade war initiated by President Trump could dramatically impact art markets in the US, Canada, and China, which account for a significant share of the global art trade. Tariffs ranging from 10% to 25% threaten the cross-border transactions essential for Canada's art market, already strained by an unfavorable exchange rate. While arts traditionally enjoy tariff exemptions, past administrations have included them under trade tariffs. The uncertain repercussions for art markets raise concerns among collectors and dealers, emphasizing the interconnectedness of politics and culture in the art industry.
"The tariffs of between 10% and 25% on imported goods from these countries are intended to force change, considering that trade accounts for significant portions of their GDPs."
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