Tariffs Overturned: Relief or False Hope? – Plus Rolex & AP Grow on Scarcity – Episode 69

Update: As of February 21, 2026, the Trump administration now says they will set the new "Global Tariff" rate at 15% (not 10%), maintaining the same effective rate on Switzerland, at least for 150 days.

On this episode, we unpack breaking news that sent shockwaves through the watch world: the U.S. Supreme Court struck down the Trump-era emergency tariffs, instantly voiding the recent 15% levy on Swiss watches. We explain what this actually means for collectors and retailers, why refunds remain a massive open question, and why—despite the ruling—don’t expect watch prices to suddenly drop. Between looming replacement tariffs, a weakening dollar, and ongoing currency pressure against the Swiss franc, volatility is far from over.

We then dive into COSC’s newly announced “Excellence" chronometer standard and ask the uncomfortable question: is this meaningful progress, or a defensive half-measure against METAS? We break down how the new accuracy benchmarks compare, why third-party certification still matters culturally, and how ever-stricter chronometer claims may be setting unrealistic expectations for mechanical watches that have to survive real life on the wrist.

Finally, we look at Audemars Piguet’s remarkable 2025 performance—up 10% in a brutal market—and what’s driving it: massive price increases, a shift toward high complications, boutique-only distribution, and a growing focus on lifetime customer value. We also explore AP’s evolving brand strategy under new leadership, the push toward experiential retail, and why the very clients AP wants most may have the least patience for its increasingly gated buying process. It’s a wide-ranging conversation about tariffs, accuracy, and how modern luxury watch brands are reshaping their futures.

Openwork is a weekly podcast about how the watch industry actually works. An unfiltered look behind the scenes — no press releases, no hype, and no sponsored takes. Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology. Available on Apple Podcasts, Spotify, YouTube Music, or wherever you get your podcasts.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].