When it comes to international trade and customs regulations, HS codes play a crucial role in identifying and classifying different products. HS Code 70132840 specifically pertains to stemware that is not made of pressed and toughened glass, nor lead crystal. This stemware is cut or engraved, and each piece is valued at over $5. Let's dive deeper into the details of this HS code and explore its implications.
Stemware refers to the type of glassware used for serving beverages, particularly wine. Stemware is known for its elegant design, typically featuring a long stem and a bowl-shaped top. HS Code 70132840 is specifically applicable to stemware that meets certain criteria, as mentioned earlier.
One important aspect to consider in international trade is the duty rate associated with a specific HS code. For HS Code 70132840, the bound or Most Favored Nation (MFN) duty rate is 5%. The MFN duty rate ensures that when 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 promotes fairness and equal treatment in global trade.
In terms of quantity unit, the measurement for stemware falling under HS Code 70132840 is "number" (NO). This means that the quantity of stemware imported or exported is measured as a discrete count of individual pieces.
Additionally, there are special tariff preference programs associated with HS Code 70132840. Some countries offer preferential treatment or exemptions from duties for imports under this HS code. The following countries have special tariff rates for stemware:
These special tariff preference programs aim to promote trade and economic cooperation between countries. Stemware imports from least-developed beneficiary developing countries eligible for the Generalized System of Preferences (GSP) under this HS code receive duty-free treatment.
It's important to note that HS Code 70132840 is applicable to both importing and exporting US states. This means that stemware falling under this HS code can be imported or exported from any state within the United States.
HS Code 70132840 is specific to stemware that is not made of pressed and toughened glass, nor lead crystal. It includes cut or engraved stemware valued at over $5 each. The bound or MFN duty rate for this HS code is 5%, ensuring equal treatment for all trading partners. Stemware falling under this HS code is measured in "number" (NO) units. Additionally, there are special tariff preference programs available for stemware imports from various countries, offering duty-free treatment or special rates.