MARKET: Classic Cars Saved From Trump's Tariffs

What's going on here?

The U.S. has imposed a 25% tariff on imported cars and parts, but after much concern, it has now been confirmed that vehicles aged 25 years and older are exempt.

Tell me more

Last week, President Trump announced new tariffs aimed at boosting domestic automobile manufacturing by making imported cars more expensive. 

Currently there is an existing 2.5% duty on any imported cars. 

For a $10,000 car, that's a cost of $250 - not a problem.

Initially, the understanding was that all imported cars and parts were subject to this extra 25% duty.

Taking our $10,000 car, that $250 becomes $2,500. Problem.

However, updated details uncovered today clarified that vehicles at least 25 years old would not be subject to this 25% tariff and rather the country specific tariff (for the UK, that's 10%).

Note: the current understanding is that parts will still be levied the 25% tariff.

Why should I care?

Regardless of where you live in the world, this is incredibly significant.

If you’re in the U.S., you can still import cheaper classic cars from Europe without breaking the bank. 

If you work in the industry, this means avoiding significant job losses. 

And for those outside the U.S., the world’s biggest classic car market remains open for business. At a time when prices are soft, we need every bit of demand to keep prices steady.

Make no mistake, this is exceptional news.

This is a huge win for classic car lovers, businesses, and the entire industry.

Good for jobs.

Good for enthusiasts.

Good for the industry.