HS Code 71129900: Precious Metal Waste and Scrap
Precious metal waste and scrap are classified under HS Code 71129900. This category includes any precious metals, other than gold or platinum, that are in the form of waste or scrap. It also includes metal that is clad with precious metals.
When it comes to international trade, countries often impose duties or tariffs on imported goods. However, under the Most Favored Nation (MFN) principle, 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 means that the bound or MFN duty rate for HS Code 71129900 is free.
The quantity unit for this HS Code is typically measured in grams (GM). This unit of measurement is used to determine the weight of the precious metal waste or scrap being imported or exported.
There are also special tariff preference programs that apply to HS Code 71129900. These programs offer preferential treatment in terms of duty rates for certain countries. For example:
- Generalized System of Preferences (GSP) provides duty-free treatment for eligible countries.
- Australia has a special rate for this HS Code.
- Bahrain also has a special rate.
- Canada benefits from NAFTA, which provides duty-free treatment.
- Chile has a special rate.
- Israel enjoys duty-free treatment.
- The Andean Trade Preference Act (ATPA) grants a special rate to certain countries.
- Jordan has a special rate.
- Morocco has a special rate.
- Mexico also benefits from NAFTA.
- Oman has a special rate.
- The Dominican Republic-Central American Special Rate (DR-CAFTA) applies to certain countries.
- Peru has a special rate.
- Singapore has a 1.2% special rate.
When it comes to importing HS Code 71129900 into the United States, the following states are major importers:
- New York
- Connecticut
- Florida
- Utah
- Delaware
- Massachusetts
- Idaho
- New Jersey
- Pennsylvania
- Montana
- North Dakota
On the other hand, the major exporting states for HS Code 71129900 in the United States are:
- New York
- Rhode Island
- New Mexico
- Florida
- Massachusetts
- Nevada
- Utah
- New Jersey
- Pennsylvania
- New Hampshire
- Tennessee
This extensive article provides a comprehensive overview of HS Code 71129900, its product description, duty rates, special tariff preference programs, quantity unit, and the major importing and exporting states in the United States. Whether you are involved in the trade of precious metal waste and scrap or are simply interested in understanding more about this HS Code, this article serves as a valuable resource.
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