Canadian coin dealers have been given a brief reprieve from new U.S. tariffs that could affect some numismatic shipments, and officials have indicated the threatened 50 per cent duties would be removed from the table if an emerging Canada-U.S. trade agreement is signed.
The United States has delayed until Aug. 22 the implementation of additional 50 per cent Section 338 tariffs that had been scheduled to take effect Aug. 19 on a broad range of specified Canadian-origin goods.
The delay came as Canadian and U.S. officials continued negotiations aimed at finalizing a broader trade agreement. U.S. President Donald Trump has said a deal has been reached, but Canadian officials have been more cautious, saying significant progress has been made while further work remains.
Officials reported Aug. 20 that Canada and the United States had moved closer to finalizing an agreement that would avert the threatened 50 per cent tariffs, while Quebec Premier Christine Fréchette said the talks were “far from over” and that Quebec wants more information about how any agreement would affect dairy and forestry.
For Canadian coin dealers, the delay means the additional Section 338 tariff should not be treated as legally effective on Aug. 19. It also means the threatened 50 per cent duties may be avoided entirely if the agreement is completed and signed before the new deadline. Until the final terms are confirmed, however, dealers shipping to the United States may still need to confirm how individual shipments would be classified if the tariff package proceeds.
CAND had previously warned its members that the tariffs, if implemented, could have a significant impact on certain Canadian coins and other numismatic material shipped to customers south of the border.
“CAND is alerting members to new U.S. tariffs scheduled to take effect Aug. 19 that could affect certain Canadian numismatic material being shipped to customers in the United States,” the association stated in its earlier advisory. For more details, read the following story.