In international trade, each product is classified under a specific HS (Harmonized System) code, which is a standardized system used to classify goods for customs and statistical purposes. The HS Code 29420035 refers to "Other aromatic or modified aromatic organic compounds (excluding products described in additional U.S. note 3 to section VI)." Let's delve deeper into the details of this HS code and understand its implications in international trade.
The product description of HS Code 29420035 states that it encompasses aromatic or modified aromatic organic compounds. These compounds are classified as "other" because they do not fall under the specific descriptions mentioned in additional U.S. note 3 to section VI. Aromatic compounds are organic substances that contain a cyclic structure with alternating double bonds, resulting in enhanced stability and unique chemical properties.
The bound or Most Favored Nation (MFN) duty rate for HS Code 29420035 is 6.5%. In international trade, the MFN principle ensures that if 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. Therefore, the 6.5% duty rate applies consistently to imports of other aromatic or modified aromatic organic compounds across all trading partners.
The quantity unit for HS Code 29420035 is kilograms (KG). This unit of measurement is used to quantify the weight or mass of the imported or exported aromatic compounds. It allows for accurate tracking and recording of the quantity of goods involved in international trade transactions.
HS Code 29420035 is eligible for various special tariff preference programs, providing preferential treatment or duty-free access to certain countries. These programs aim to promote economic development, support trade relationships, and facilitate market access. The following are the special tariff preference programs applicable to this HS code:
These special tariff preference programs aim to foster economic cooperation, promote fair trade, and provide opportunities for developing countries to expand their exports to the United States.
HS Code 29420035 is imported into the United States, specifically in Puerto Rico. Puerto Rico, as a U.S. territory, is subject to the same trade regulations and tariff rates as the mainland United States. Therefore, any imports of other aromatic or modified aromatic organic compounds falling under this HS code into Puerto Rico would be subject to the specified duty rates and special tariff programs mentioned above.
The data provided does not specify the exporting U.S. states for HS Code 29420035. However, it is important to note that the United States is a significant exporter of various goods, including organic compounds, to countries around the world. Exporting states may vary depending on the specific products and trade relationships established between U.S. businesses and their international partners.
HS Code 29420035 encompasses other aromatic or modified aromatic organic compounds and is subject to a duty rate of 6.5%. This HS code is eligible for special tariff preference programs, offering duty-free treatment or reduced tariff rates for imports from specific countries. Understanding these details is crucial for businesses and policymakers involved in international trade to navigate customs regulations, promote economic growth, and facilitate fair trade practices.