How Tariffs Hit Business Aircraft Sales and Financing

关税政策如何冲击公务机销售与融资市场

The new or threatened tariffs announced by the Trump Administration and other countries may cost more than you realize when buying and financing private aircraft. The on-again, off-again U.S. tariff activity has roiled the U.S. financial markets, triggered retaliatory tariffs, alarmed aircraft stakeholders, and created wide uncertainty in global trade.

特朗普政府及多国新出台或拟议的关税政策，可能为公务机采购及融资带来超预期成本。美国反复无常的关税举措扰乱了本国金融市场，引发了报复性关税，加剧航空器利益相关方的忧虑，导致全球贸易环境不确定性骤增。

The Trump Administration has imposed, modified, and/or delayed the imposition of tariffs on specific countries to achieve certain foreign policy and economic goals. To stop massive shipments of fentanyl into the U.S., the Administration has imposed tariffs on Mexico and Canada and a 20 percent tariff on Chinese-origin goods to make U.S.-origin products more price competitive with cheaper non-U.S. origin metal sellers. This tariff may affect the metals used by aircraft manufacturers (OEMs), repair facilities, and their suppliers.

特朗普政府为实现特定外交政策和经济目标，已对特定国家实施、调整及/或暂缓加征关税措施。为阻止芬太尼类药物大规模流入美国，当局已对墨西哥和加拿大加征关税，并对原产于中国的商品征收20%关税，旨在使美国原产产品相对于非美国原产的廉价金属销售商更具价格竞争力。此项关税政策可能会影响航空器制造商（OEM）、维修机构及其供应商所使用的金属材料。

Transacting Steps and Process

交易步骤和流程

Purchasing an aircraft without addressing tariffs is not an option. It is imperative to rely on customs brokers, lawyers and other import/export experts in deal teams to conduct a real-time analysis of potential tariffs, including direct and retaliatory tariffs from the U.S., Canada, or Mexico.

购置航空器时不可忽视关税问题。必须依靠交易团队中的报关行、律师及其他进出口专家，对潜在关税（包括来自美国、加拿大或墨西哥的直接关税及报复性关税）进行实时分析。

Their objectives should include determining the application, percentage, and effective dates of the tariffs on the aircraft being purchased. Second, they should calculate the tariff based on the purchase price if tariffs apply. The analysis should consider such tariff-based factors as the country of origin or transformation of an aircraft or specific product codes under the U.S. Harmonized Tariff Schedule (HTSUS). HTSUS is the primary resource for identifying tariff rates on aircraft imported into the United States. Third, they should try to structure the importation timing and terms to minimize the tariff cost.

其工作目标应包括：首先，确定拟购航空器所适用关税的征收范围、税率及生效日期；其次，若关税适用，则需基于购买价格计算应缴关税额度。分析时需综合考虑以下关税相关因素：航空器的原产国或加工转化国，以及美国统一关税表（HTSUS）中的特定商品编码。HTSUS是确定航空器进口至美国所适用关税税率的核心依据。最后，应通过合理安排进口时机与交易条款，实现关税成本最小化。

As a byproduct of tariffs, the parties should brace for higher transaction costs and processing delays from the pre-tariff duty-free norm. The deal team will also negotiate purchase or financing documentation and interact with U.S. Customs and Border Protection officials.

作为关税的连带效应，相关各方需做好准备：与实施关税前享受的免税常态相比，将面临更高的交易成本和处理流程延迟。交易团队还需就采购或融资文件进行协商，并与美国海关与边境保护局官员进行事务接洽。

Complex Tests To Determine Tariffs

确定关税的复杂评估标准

The complexity of tariffs cannot be overstated. Adding to the legal and customs quagmire, the United States-Mexico-Canada Agreement (USMCA) provides a very complicated certification process as to the country of origin of products. Based on current policy, the USMCA seems to allow duty-free imports of aircraft. However, that exemption may end on April 2, 2025. The certification for duty-free treatment applies to repairs and products like aircraft tires, seats, components, and parts.

关税问题的复杂性无论如何强调都不为过。除了法律和海关方面的复杂情况外，《美墨加协定》（USMCA）还针对产品原产国认证制定了极其复杂的流程。根据现行政策，USMCA似乎允许航空器免税进口。然而，该项豁免可能于2025年4月2日终止。免税待遇的认证适用于维修及航空器轮胎、座椅、零部件等产品。

As a technical point, to determine whether a Canadian or Mexican origin good qualifies for duty-free treatment, import experts should analyze the product-specific rules of origin under the USMCA. This generally means the experts either apply a “tariff shift test” (change in product, like from steel to an aircraft hull, to use the right tariff) or a “regional value content” test (to calculate a product’s origin value in a producer’s region or country such as finding a 35 percent Canada origin of an engine).

从技术层面而言，为判定加拿大或墨西哥原产商品是否符合免税待遇条件，进口专家需根据《美墨加协定》（USMCA）分析具体产品的原产地规则。这通常意味着专家需要采用以下两种方法之一：一是适用"税则归类改变测试"（确定产品税则变化，如从钢材到航空器机身的转变，以适用正确关税）；二是实施"区域价值成分测试"（计算产品在生产者所在区域或国家的原产价值比例，例如确定某发动机35%的加拿大原产成分）。

Tariffs Defined

关税定义

A tariff is a tax or duty imposed by a government on imported or exported goods. U.S. tariffs aim to prop up local industries, including steel companies, by increasing the price of imports. Tariffs may also lower the U.S. trade deficit and generate revenue for the U.S.

关税是由政府对进出口商品征收的税项。美国实施关税旨在通过提高进口商品价格来扶持本土产业（包括钢铁企业），同时可能减少美国贸易逆差并为美国政府增加财政收入。

Among four types of tariffs, the one that most often applies to aircraft is an ad valorem tariff or duty. An ad valorum tariff or duty refers to a customs duty calculated as a percentage of the value of the product such as a new or used aircraft, or its engines, parts or components using the HTSUS.

在四种关税类型中，最常适用于航空器的是从价关税。从价关税指根据美国统一关税表（HTSUS），按产品价值百分比计算的关税，其课税对象包括新旧航空器及其发动机、零部件。

The U.S. tariff is based on the country of origin where the product is manufactured or substantially transformed. It is not relevant for tariffs where the aircraft is based or stored, the aircraft’s delivery location, the nationality of a seller or purchaser, or the country where the aircraft has been registered.

美国关税的征收依据是产品的原产国，即产品的制造地或发生实质性转化的国家。航空器的停放或存储地、交付地点、卖方或买方的国籍以及航空器的注册国均与关税确定无关。

For example, substantial transformation seems to occur when a product, like aircraft components from outside Canada, undergo a fundamental change in form, appearance, nature, or character to be fully integrated into an inseparable part of an aircraft built in Canada. At a high level without detailed facts, Canada should be the country of origin for tariff purposes.

例如，当产品（如来自加拿大境外的航空器部件）经过形态、外观、性质或特征的根本性改变，最终被完全整合成为加拿大所造航空器不可分割的组成部分时，即视为发生了实质性转化。在缺乏详细事实依据的情况下，基于一般原则，加拿大应被认定为该产品关税意义上的原产国。

Tariff Impact on the Sale of New and Used Aircraft

关税对新旧航空器交易的影响

If anyone plans to physically import an aircraft or aircraft engines, parts or components into the U.S. for sale, repair, overhaul or upgrades, the deal team should conduct a product tariff analysis. Back-to-back aircraft transactions may be subject to a double down on tariffs—one on the transfer to the intermediary and another tariff on the sale to the ultimate buyer.

若计划将航空器或其发动机、零部件实际进口至美国用于销售、维修、大修或升级，交易团队须进行产品关税分析。背靠背航空器交易可能面临双重关税——既包括转让给中间商时产生的关税，也包含最终买方购入时课征的关税。

There is no free lunch from tariffs. OEMs, purchasers, sellers, customs brokers, product suppliers, and others may incur directly or indirectly the tariff costs of U.S. and counter-tariffs. In other words, consumers, businesses, and exporters, among others, pay tariff costs. In aircraft deals, repair facilities, purchasers, and sellers (including OEMs) should assess product origin tariff exposure and develop tariff cost minimization or tariff cost-sharing strategies.

关税政策不存在"免费午餐"。航空器制造商（OEM）、买方、卖方、报关行、产品供应商及其他相关方，均可能直接或间接承担美国关税及报复性关税成本。换言之，消费者、企业及出口商等最终都将为关税买单。在航空器交易中，维修机构、买方及卖方（包括制造商）必须评估产品原产地关税风险，并制定关税成本最小化或分摊策略。

Until tariff guidance shows up in useful written form (and probably after that), the tariffs may slow the importing and exporting of affected aircraft into and out of the U.S., complicate the supply chain for maintenance, repair, and sales, and alter the trajectory of marketing new products and services.

在关税政策形成可操作性文件之前（甚至之后也可能持续），相关关税措施将延缓美国境内受影响航空器的进出口流程，加剧飞机维护、维修和销售环节的供应链复杂性，并最终改变新产品与服务在市场推广中的发展路径。

Tariff Impact on Aircraft Purchases

关税对航空器采购的影响

Absent an exemption from the tariffs or structural solution transactionally, it is likely that the tariffs will materially increase used (and new) aircraft purchase prices, potentially to an intolerable level for a purchaser. That could kill the transaction at inception or cause a transaction to terminate due to a purchaser default under an APA. Correlatively, if a U.S.-manufactured aircraft is imported into Canada or Mexico, the retaliatory or reciprocal tariffs of those countries (if any) may also increase the price of the aircraft.

若未能获得关税豁免或通过交易结构设计规避关税，则关税很可能大幅推高二手（及新）航空器的采购价格，甚至可能达到买方无法承受的水平。这种情况可能导致交易在初始阶段即告终止，或引发买方因《航空器采购协议》（APA）下的违约行为而导致交易中止。相应地，若美国制造的航空器进口至加拿大或墨西哥，这些国家实施的报复性或对等关税（如存在）同样可能抬高航空器价格。

Among the many questions for OEMs, OEMs may experience profit margin compression on closed sale contracts and potentially future new aircraft sales to the extent that they cannot raise prices to recover the higher tariffs. OEMs may also face price increases from suppliers and experience unanticipated delays in aircraft or parts deliveries due to tariff-related supply chain disruptions.

对航空器制造商（OEM）而言，诸多问题中尤为关键的是：若无法通过提价转嫁高额关税成本，其已签约订单及未来新航空器销售的利润空间或将遭受挤压。此外，制造商还可能面临供应商提价，以及因关税引发的供应链中断导致的航空器或零部件交付意外延迟。

Impact of Tariffs on Aircraft Financing

关税对航空器融资的影响

The tariff changes may also affect the financing with loan proceeds or leasing of a new and used private aircraft. An owner/lessor that buys an aircraft and leases it to a lessee/user and aircraft lenders may derivatively encounter tariff issues of any lessee or borrower. Higher tariffs may raise their credit and aircraft valuation risks even if the customer still meets their respective credit qualifications. As a result of these risks, financiers may bump up rates depending on pricing competition in the era of new tariffs.

关税政策的变动还可能影响以贷款或租赁方式获取的新旧私人航空器融资活动。购买航空器并将其出租给承租人/使用者的业主/出租方，以及航空器贷款机构，都可能因承租人/借款人的关税问题而间接受到影响。即使客户仍符合各自的信贷资质要求，更高的关税也可能推升其信用风险及航空器估值风险。鉴于这些风险，金融机构或根据新关税时代的定价竞争态势上调利率。

APA and Financing Contract Issues from Tariffs

《航空器采购协议》与关税引发的融资合同问题

At the documentation level, the parties should consider modifying the typical APA to include more specific tariff tax indemnities, termination provisions for importation delays (a type of force majeure) or unexpectedly high tariff costs, and increase allotted time to complete inspections and close.

在文件层面，各方应考虑修改典型的《航空器采购协议》，以纳入更具体的关税税收赔偿条款、因进口延误（一种不可抗力）或意外高昂的关税成本而终止合同的条款，并增加用于完成检验和交割的预定时间。

The parties may even need to consider a reallocation of the tariff burden. For new aircraft, OEMs may need to include or rely on contract provisions that allow them to increase prices to pay all or a portion of the tariffs (a change in tax law price escalator clause).

各缔约方甚至可能需要考虑重新分配关税负担。对于新飞机，原始设备制造商（OEM）可能需要包含或依赖合同条款，允许他们提高价格以支付全部或部分关税（税法变动价格调整条款）。

If a purchaser uses financing, he or she should lock funds rates for a maximum period to cope with transaction timing. If a financier agrees to finance tariff costs, the lender may insist on tougher or new financial covenants, require additional representations and warranties regarding tariffs, and tighten loan-to-value ratios to ensure tariffs do not dilute asset value.

如果购买方采用融资，则应该将资金利率锁定在最长的时间段内，以应对交易时程的不确定性。如果融资方同意为关税成本提供融资，贷款人可能会坚持更严格或新的财务承诺，要求提供关于关税的额外陈述和保证，并收紧贷款价值比率，以确保关税不会稀释资产价值。

Last Thoughts

结语

Regardless of the rationale for tariffs, their existence has ushered in a period of new purchase pricing, more import/export processing, and greater complexity in documentation involving aircraft purchase and financing transactions. Despite the uncertain impact of tariffs, it seems clear that the tariffs have thrust private aviation at full throttle into a new taxing experience.

无论关税的理由是什么，它们的存在都开启了一个新采购定价的时代，涉及飞机购买和融资交易的更多进出口流程，以及更复杂的文档工作。 尽管关税的影响尚不确定，但似乎很明显，关税已将私人航空推向了全新的、令人费解的征税体验。

The material in this blog is not intended to be, nor should it be construed or relied upon as, legal advice. The comments, recommendations, and analysis expressed in this blog are those of the individual author, David G. Mayer, and may not reflect AIN Media Group’s opinions. Using or relying on this blog does not create an attorney-client relationship between you and the author or his law firm. If specific legal information is needed, please retain and consult with an attorney of your selection. David G. Mayer practices law in the global Aviation Practice Group at Shackelford, McKinley & Norton in Dallas.

本博客内容仅供参考，不应被解释或依赖为法律意见。博客中的评论、建议及分析仅代表作者大卫·G·梅耶（David G. Mayer）的个人观点，并不代表AIN传媒集团的立场。使用或依赖本博客内容不会在您与作者或其律师事务所之间建立律师-客户关系。如需具体法律意见，请自行选聘律师并咨询。大卫·G·梅耶现执业于达拉斯Shackelford, McKinley & Norton律师事务所全球航空业务组。