Gold has always been highly valued throughout history for its beauty and rarity. It is a precious metal that has been used for various purposes, including jewelry, currency, and investment. In international trade, gold is classified and identified using the Harmonized System (HS) Code, a standardized system for the classification of goods. HS Code 71081370 specifically refers to gold (including gold plated with platinum), nonmonetary, in semimanufactured forms (except gold leaf), nesoi.
The HS Code 71081370 provides a clear and concise description of the product, ensuring that there is no confusion or ambiguity when it comes to international trade transactions. It is crucial for importers, exporters, and customs officials to accurately identify and classify goods using the HS Code, as it determines the applicable customs duties, trade policies, and regulations.
For HS Code 71081370, the bound / Most Favored Nation (MFN) duty rate is 4.1%. The MFN principle states that every time a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners. This duty rate is applicable to all countries and ensures fair trade practices by treating all trading partners equally.
The quantity unit for HS Code 71081370 is grams (GM). This unit of measurement is commonly used for the trade of precious metals, as it provides a precise and standardized measurement for gold and its derivatives. Using grams as the quantity unit allows for accurate calculations and pricing based on weight.
HS Code 71081370 is eligible for various special tariff preference programs, providing certain countries with preferential treatment or duty-free access to the United States market. Some of the special tariff preference programs applicable to HS Code 71081370 include:
These special tariff preference programs aim to promote trade and economic cooperation between the United States and the eligible countries by reducing or eliminating import duties on specific goods, including gold, under certain conditions.
Based on the available data, the following US states have imported HS Code 71081370:
Based on the available data, the following US states have exported HS Code 71081370:
These data indicate the import and export activity of HS Code 71081370 across various US states, highlighting the importance of gold trade in the United States economy.
HS Code 71081370 plays a crucial role in the international trade of gold. It accurately describes the product, determines the applicable customs duties, and provides access to special tariff preference programs. By using the HS Code system, importers, exporters, and customs officials can ensure smooth and efficient trade transactions while maintaining compliance with international trade regulations.