Important Note about Tariffs on Some Chinese Collectibles
Posted on 9/5/2019
On September 1, 2019, a 15% tariff went into effect for a variety of Chinese-made items imported into the United States. Among the items subject to this tariff are certain Chinese collectibles.
Imports into the US are classified according to the Harmonized Tariff Code Schedule (HTS). Numismatic items are imported under the HTS Subheading 9705, which was included on the list of Chinese-made items subject to a 15% tariff on September 1.
Collectors and dealers outside the US who ship Chinese collectibles directly to NGC, NCS and PMG in the US are encouraged to consult a customs specialist to determine whether any tariff would apply to their shipment. All fees and duties, including any tariffs, for shipments to NGC, NCS and PMG are the responsibility of the submitter.
Chinese collectibles shipped on a Temporary Import Bond (TIB) are not subject to the tariffs because the items must leave the US again. NGC, NCS and PMG’s locations in London, Munich and Hong Kong, China use TIBs for all roundtrip shipments of collectibles to their US headquarters for grading and encapsulation. These locations make it easier to submit to NGC, NCS and PMG by handling all customs clearances, including creating a TIB and paying any associated fees. They also provide insurance coverage on all shipments to and from their US headquarters.
For more information about submitting to NGC, NCS and PMG, contact one of their locations.
For more information about the US tariff, consult the Office of the United States Trade Representative.
Want news like this delivered to your inbox once a month? Subscribe to the free NGC eNewsletter today!