Additional EU Customs Duty on US Coins

Obverse of 2008 One Ounce Silver Eagle

USA

Reverse of 2008 One Ounce Silver Eagle

Punitive Import Duties
Because the American FSC (Foreign Sales Corporation) was breaching WTO (World Trade Organisation) rules with unfair and illegal subsidies, following an EU complaint in 1997, in 2003 the EU decided to impose additional import duties on certain classes of goods of US origin. This includes US silver eagles. The additional rate started at 5% in March 2004, and increases by 1% per month to a maximum of 17% reached in March 2005. Whilst this tax was in place we could no longer recommend these as a competitive or economic way to invest in silver bullion. We strongly suggested you consider Canadian maples instead.
For the collector simply wishing to add this year's eagle to his collection, the extra tax will obviously not make much difference.

To quote from H.M Customs & Excise's website:-

Additional Custom duties on imports of certain products originating in the USA - FAQs

Q1. Why has this increase taken place?
A1. Following complaints by EU companies, and in view of the increasing amount of Foreign Sales Corporation (FSC) subsidies being granted by the US, the EU entered into bilateral consultations with the US in 1997 in an attempt to reach agreement on the way forward. Since no progress was made, the EU requested a World Trade Organisation (WTO) Panel to pronounce itself on the dispute. The Panel found the FSC to constitute an illegal export subsidy under both the WTO's Agreement on Subsides and Countervailing Measures and (in relation to agricultural products) the Agricultural Agreement. The US appealed against the Panel Ruling but the Appellate Body confirmed the panel findings on the illegality of the FSC scheme.

Q2. What does this mean to traders?
A2. Council Regulation 2193/2003 has imposed ad-valorem duty in addition to the customs duty applicable on the import of certain products identified at eight-digit CN level originating in the United States of America. The additional duties levied begin at five percent from 1 March 2004 and increases by one percentage point for each succeeding month culminating in a final rate of seventeen percent in March 2005.

• 5% from 1 March 2004 to 31 March 2004
• 6% from 1 April 2004 to 30 April 2004
• 7% from 1 May 2004 to 31 May 2004
• 8% from 1 June 2004 to 30 June 2004
• 9% from 1 July 2004 to 31 July 2004
• 10% from 1 August 2004 – 31 August 2004
• 11% from 1 September 2004 to 30 September 2004
• 12% from 1 October 2004 to 31 October 2004
• 13% from 1 November 2004 to 30 November 2004
• 14% from 1 December 2004 to 31 December 2004
• 15% from 1 January 2005 to 31 January 2005
• 16% from 1 February 2005 to 28 February 2005
• 17% from 1 March 2005

Q3. When does this come into effect?
A3. From 1 March 2004.

Q4. How long will these measures last?
A4. Until such time that the US satisfy the EU that they will abide by the WTO ruling. Once this occurs the Regulation will either be repealed or amended.

Q5. Are all goods Imported from the USA affected?
A5. The range of goods has been specifically targeted to have a fiscal impact upon the USA traders. It is very unlikely that the coverage will be increased before 1 March 2005. After this date the measure will be revised and coverage may increase.

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