When it comes to international trade, it is important to have a standardized system for classifying goods. This is where HS codes come into play. HS Code 70132860 specifically refers to stemware that is made of glass, excluding pressed and toughened glass, as well as lead crystal. These stemware products are not cut or engraved and have a value of over $5 each.
The HS code system is used by customs authorities around the world to identify and classify products for the purpose of assessing duties and taxes. By using this system, countries can ensure that trade barriers are lowered consistently and that markets are opened up for all trading partners.
For stemware classified under HS Code 70132860, the bound or Most Favored Nation (MFN) duty rate is 5%. The MFN duty rate is the rate that applies to all countries unless a specific preferential tariff program is in place.
However, there are special tariff preference programs that offer reduced or duty-free rates for stemware imports under HS Code 70132860. These programs include:
In addition to the special tariff preference programs, stemware imports classified under HS Code 70132860 are also eligible for duty-free treatment when imported from least-developed beneficiary developing countries under the GSP (Generalized System of Preferences) subheading.
It is worth noting that the quantity unit for stemware under HS Code 70132860 is number (NO). This means that the quantity of stemware imported is measured in individual units.
When it comes to importing stemware into the United States, exporters need to consider the specific regulations and requirements of the importing US states. Similarly, exporters need to be aware of any specific regulations and requirements set by the exporting US states.
HS Code 70132860 refers to stemware made of glass, excluding pressed and toughened glass, as well as lead crystal. This code is used for the classification and assessment of duties and taxes on stemware imports. There are special tariff preference programs that offer reduced or duty-free rates for stemware imports under this HS code, and exporters need to be aware of the regulations and requirements of the importing and exporting US states.