Tariffs As They Might Affect The US Market

I just received this blast e-mail from Spink:

Dear Friends, Dear Clients,

I hope this email finds you well.

Since "Liberation Day" on 2 April, President Trump had many collectors wondering what the recent set of measures means for their favourite hobby, and in particular when buying and selling their beloved collectables.

Tariffs of goods coming into the USA are now back to the levels of 1909 (Source: Bloomberg), and as I write to you from Spink's Hong Kong offices, I must single out, that since yesterday, goods coming from China will face a 104% tariff coming into the USA.

We all have our personal views on the matter, and many of us were health experts during Covid, geopolitical experts during the war between Russia and Ukraine, and now we are all international commerce experts! Nobody knows how the cards will eventually fall. In every crisis, there is a risk and an opportunity.

Here is what we know as of 8pm HK time on Wednesday 9 April 2025:

In the aftermath of the implementation of new tariffs on imports into the USA, unfortunately at this stage there is no exemption to this rule for collectible items.

So far, barring any reciprocal tariff barriers by various trade partners, it mainly affects collectors based in the USA. It is fair to say it might also affect dealers, auction houses, experts and grading houses based in the USA.

And the rule to keep in mind, is that the tariff that will apply to the country of manufacturing where the collectable was struck or printed. So, a coin struck 2,000 years ago in ancient Greece, will be deemed as manufactured in Greece, and hence the 20% EU tariff will apply. An Indian banknote printed by De la Rue, or Bradbury Wilkinson in the UK 100 years ago, will be deemed manufactured in the UK, and a 10% rule will apply. And a Ming banknote printed in the 14th century in China (I love them!), will face a 104% tariff when arriving on US soil.

As mentioned, lots bought by clients residing in the USA in Spink auctions in London and Hong Kong, are subject to tariffs based on country of manufacture/origin. The attached lists the countries of origin with tariff levels above 10%, all other countries of origin are subject to 10%, if shipped to the USA. See the listhere: https://www.whitehouse.gov/wp-conte.../Annex-I.pdf. It is of course subject to change regularly and as mentioned above, China is now at 104% at the time of writing.

Spink is very fortunate, as the majority of stamps , coins, banknotes and medals we sell were manufactured in the UK, and therefore enjoy the most favourable tariff at the time of writing: 10%.

There is no doubt that in the immediate future the collectors based in the USA will be at a disadvantage when bidding as they will have to factor in the tariff in calculating the maximum price they are ready to pay for an item.

As most of you know, we offer some storage facilities in our London vaults and are happy to discuss storage of your purchases in London or Hong Kong, provided it does not contravene any international law.

It is for sure a very disruptive move: the competitive position of not only countries, but also collectors and market players, will be redistributed. No doubt it will evolve in a very fluid fashion, and it is possible that by the time you read this email, some parts might already obsolete. But I thought nevertheless it would be useful to share with you what we understand at the present moment. As the situation becomes clearer, we will continue to update you and facilitate your collecting passions!

And as one of my favourite sayings goes, that I used when writing to you during Covid, "Everything will be okay in the end, and if it is not yet okay, it is not the end"

And never forget, as collectors, we have a distinct advantage over every other human being, in these turbulent times, we can find a remarkable solace in our collections.

Yours truly,

Olivier D. Stocker, CFA, FRPSL,


Spink's Chairman and CEO

While this does not affect buyers of US stamps inside the US, it may affect E-Bay buyers and sellers and certainly US buyers in non-US auctions.

Hope this one doesn't get shutdown like the last one. It's not about politics. It's about the market and what is happening to us as sellers and buyers. Sure does seem that US stamp collectors will be focusing on the domestic market unless they have friends abroad who can receive their purchases for them.

Sounds like we only buy and sell countries like Ceylon, Burma and Bavaria.

Spink is way off base here. The tariff is zero for stamps other than current unused postage (see section 4907)

This is the relevant Harmonized Tariff Schedule Section:

https://hts.usitc.gov/search?query=9704

Well, Spink demonstrated, "Ready, Fire, Aim" here:

Yes, stamps are zero rated, but the new tariffs apply on top of any existing tariffs. So if there was already a 5% tariff on some product and the EU tariff is 20% the total tariff would be 25%. Look at chapter 99 in the HTS where it states that the new duties apply in addition to duties, if any, already imposed. Things are changing very quickly and I have not seen the instructions to ports, but Spink's post is probably correct based on the language of the executive order

Spink is incorrect. They did not think it through, nor do they understand the tariffs. There are no new tariffs that apply to collectible stamps. Period. For example, you are not going to purchase a worldwide stamp album at auction and pay an amalgamated tariff with each stamp having a different rate based upon where it was "manufactured" along with a rate for the album and the paper used in the album and so on. Did they think through how to tariff a Dead Country? They misunderstand the point of the tariffs which is to level the playing field for new goods and bring manufacturing back to the US. Whether you agree with this or not is not relevant to the discussion. They should have said nothing really.

In addition, the $800 limit still applies save for China because China has been using small imports to ship Fentanyl. You are not going to pay a new tariff for your $100 Hip Stamp purchase from Belarus at least for now. The problem is going to become China circumventing tariffs by using other Countries which may trigger other tariffs.

Edit to add:

Example: Vintage cars (older than 25 years from date of entry to US) are exempt.

Rod - read the EO, it applies to ALL GOODS and then lists a few HTS that are excluded, and 9704 is not listed as excluded. Yes, the $800 exemption still applies. I have no idea how they will implement the duties on an album of stamps from different countries.

It's interesting that Spink doesn't offer to simply absorb the 10% UK tariff from margin as a way to assuage nervous collectors. In volatile times, you'd think they would take that step to preserve US interest in their forthcoming auctions rather than see Schuyler Rumsey, Kelleher, Siegel, and Cherrystone get the business. I am in the model railroad hobby also and an importer of costly brass locomotives just emailed that assurance—they're absorbing tariffs up to 25% and will assess the situation further when future products land in the US.

Forget the EO. You need to dig much deeper into the exclusions, agreements and schedules. The EO is a page or two as are most EO's and does not get into details. It is a fact that collectible stamps, vintage cars, antiques over 100 years old etc. are not impacted by the new tariffs. Believe me or not but that is reality.

And "someone" (guess who), even posted a memo: "Now is a great time to buy" just 15 minutes before the announcement was made.
So whether stamps are exempt or not really does not matter in the least.

Yes and that is in Chapter 99 of the HTS document you posted, and as I referenced in my post above. 9704 was excluded from some tariffs in the past but is not listed as being excluded from the new tariffs.

Thank God for days like today ........This morning Kelleher put up a new stamp auction and it was loaded with nice sets. But all my money was committed . Then the sky opened up and the stock market flew away , yup straight up . Now I am blessed with a future of more complete sets ..........Looking forward to the next auction with a big big smile .

So someone is enjoying all this crazy Taiffa stuff and can't spell the word right .

BobinRye,

Replies are on-topic as long as they specifically address the Spink email in the OP. This is addressing a specific, clearly defined issue regarding how tariffs might affect international stamp transactions. But any non-specific discussion invites speculation, and easily segues into what is clearly a currently controversial political issue that we do not want to have here. So tread lightly.

blcjr [Moderator]

[qReplies are on-topic as long as they specifically address the Spink email in the OP. This is addressing a specific, clearly defined issue regarding how tariffs might affect international stamp transactions. But any non-specific discussion invites speculation, and easily segues into what is clearly a currently controversial political issue that we do not want to have here. So tread lightly.][/q]

Inasmuch as this is the third thread on this general subject, it seems clear that some people clearly do want to discuss it, controversial or not. Philately has a long history of controversy, it is nothing new. And no one is forced to read it or respond if they do not wish to do so.

The first thread went off the rails when terms like "MAGA" and "MSNBC" started getting tossed around. It had a good run by then, to the point where it deserved to get locked because it seemed like everyone had had their say. The second looked like it was just going to repeat the first one, with no clear focus on anything new. This one started with a specific email to discuss. As long as the discussion remains focused on the impact on international philatelic transactions and does not become focused on the pros or cons of tariffs more generally, I don't see a problem with it. However, even discussions that stay focused entirely on philatelic matters can get to a point where there is nothing more to say.