The HS Code 71129200: Platinum Waste and Scrap
Platinum waste and scrap, classified under HS Code 71129200, refers to materials that contain platinum but are no longer usable or have been discarded. These materials may include platinum metals clad with other materials, but they specifically exclude sweepings that contain other precious metals. In this article, we will explore the details of this HS code and provide additional information about its import and export.
The bound or most-favored-nation (MFN) duty rate for products classified under HS Code 71129200 is free. This means 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 promotes fair and equal trade practices among nations.
The quantity unit for this HS code is grams (GM). This unit of measurement is used to determine the weight of the platinum waste and scrap being imported or exported.
There are also special tariff preference programs available for products classified under HS Code 71129200. The following countries offer free or reduced duty rates for these products:
- Free: Generalized System of Preferences (GSP) (duty-free treatment)
- Australia Special Rate
- Bahrain Special Rate
- NAFTA for Canada (duty-free treatment)
- Chile Special Rate
- Caribbean Basin Initiative (CBI)
- Israel Special Rate (duty-free treatment)
- Andean Trade Preference Act (ATPA)
- Jordan Special Rate
- Morocco Special Rate
- NAFTA for Mexico
- Oman Special Rate
- Dominican Republic-Central American Special Rate (DR-CAFTA)
- Peru Special Rate
- 1.2%: Singapore Special Rate
These special tariff preference programs aim to promote trade and economic cooperation among countries by reducing or eliminating duty rates for certain products.
When it comes to importing platinum waste and scrap classified under HS Code 71129200, the United States has several states that engage in this trade. The major importing US states for this HS code include New York, Connecticut, Florida, Utah, and Delaware. These states have a significant demand for platinum waste and scrap, possibly due to their industrial and manufacturing sectors.
On the other hand, the major exporting US states for platinum waste and scrap are New York, Rhode Island, New Mexico, Florida, Massachusetts, Nevada, New Jersey, Pennsylvania, Montana, and North Dakota. These states likely have a higher supply of platinum waste and scrap, possibly due to their mining or refining activities.
the HS Code 71129200 classifies platinum waste and scrap, including metal clad with platinum but excluding sweepings containing other precious metals. It is subject to a free bound or MFN duty rate and has special tariff preference programs in place. The United States plays a significant role in both importing and exporting platinum waste and scrap, with specific states serving as major hubs for this trade.
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