Legal experts in America have warned that the classic car world may be hit by the introduction of tariffs on vehicles entering the US.
The United States currently imposes a 2.5% levy on imported cars, but proposed legislation by President Donald Trump would raise that figure tenfold while also including spare parts – regardless of the age of the vehicle.
While this in itself would adversely affect many US-based enthusiasts, some fear that America’s trading partners may retaliate and have called for used cars and components to be exempted.
Cars like this Ferrari 365 GTB/4, up for auction at Artcurial next month, could be hit if the proposals are passed
“President Trump has proposed this as a matter of national security, but it’s difficult for me to understand why,” said Mark Hyman, founder of Missouri-based Hyman Classic Cars.
“If this were to be put in place, it would be catastrophic to the hobby and the industry. At Hyman as much as 50% of our business involves import and export activity, so it would be devastating to us.”
Sandra Button, the Chairman of the Pebble Beach Concours d'Elegance, was similarly concerned about the proposals and sent a letter to email subscribers urging them to fight back.
