When it comes to international trade, it is crucial to have a standardized system for categorizing products. The Harmonized System (HS) Code is an internationally recognized code that classifies goods for customs purposes. Each HS code represents a specific product, allowing countries to track and regulate trade effectively.
HS Code 02011050 refers to bovine carcasses and halves that are fresh or chilled. This code excludes products described in General Note 15 or Additional US Note 3 to Chapter 2. Let's delve deeper into the details of this HS code and understand its implications for international trade.
The product description for HS Code 02011050 is "Bovine carcasses and halves, fresh or chilled, other than described in General Note 15 or Additional US Note 3 to Chapter 2." This code specifically applies to bovine carcasses and halves that are not covered by the mentioned exceptions.
The bound / Most Favored Nation (MFN) duty rate for HS Code 02011050 is 26.4%. The MFN principle states that whenever a country lowers a trade barrier or opens up a market, it must do so for the same goods or services from all its trading partners. This ensures fair and equal treatment for all countries involved in international trade.
The quantity unit for HS Code 02011050 is kilograms (KG). This means that the weight of the bovine carcasses and halves should be measured and reported in kilograms for customs purposes.
Several countries have special tariff preference programs that provide certain benefits for importing products under HS Code 02011050. Here are some examples:
These special tariff preference programs allow certain countries to import bovine carcasses and halves at reduced or zero duty rates, promoting trade between nations.
HS Code 02011050 is relevant for both importing and exporting states in the United States. Any state within the US can import or export bovine carcasses and halves under this HS code. The code ensures consistency and uniformity in trade regulations across different states.
HS Code 02011050 pertains to bovine carcasses and halves that are fresh or chilled, excluding certain exceptions. It is crucial for businesses and governments to understand this code when engaging in international trade. The bound / MFN duty rate, quantity unit, and special tariff preference programs associated with this HS code further impact trade dynamics. By adhering to the HS code system, countries can effectively regulate and facilitate global commerce.