Forks with handles of silver, whether or not plated or clad with other precious metal, fall under HS Code 71141120. This code is used to classify and identify these specific types of forks for international trade and customs purposes.
When importing these forks into the United States, several states have been identified as the main importers. These states include Connecticut, Florida, Hawaii, New York, Rhode Island, and the Virgin Islands. On the other hand, the main exporting states for these forks are California, Florida, Hawaii, Nevada, New Jersey, New York, Rhode Island, and the Virgin Islands.
The bound or most-favored-nation (MFN) duty rate for this HS code is 2.7%. This means 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 applies regardless of the quantity of forks being imported.
Furthermore, there are special tariff preference programs in place for these forks. Under these programs, the forks are eligible for duty-free treatment when imported from certain countries. The countries included in these programs are Australia, Bahrain, Canada (under NAFTA), Chile, the European Union, Israel, Japan, Jordan, Morocco, Mexico (under NAFTA), Oman, Peru, Singapore, and the Dominican Republic-Central American region (under DR-CAFTA).
These special tariff preference programs aim to promote trade and economic cooperation between the United States and these countries. By providing duty-free treatment for forks imported from these countries, it encourages bilateral trade and supports the development of these industries.
For example, under the Generalized System of Preferences (GSP), forks imported from Australia, Bahrain, Chile, Israel, Jordan, Morocco, Oman, Peru, Singapore, and the Dominican Republic-Central American region are eligible for duty-free treatment. This program is designed to promote economic growth in developing countries by providing them with preferential access to the US market.
In addition to the GSP, the forks imported from Canada and Mexico are also eligible for duty-free treatment under the North American Free Trade Agreement (NAFTA). This agreement aims to eliminate trade barriers and promote economic integration between the United States, Canada, and Mexico.
Other special tariff preference programs include the Caribbean Basin Initiative (CBI) for countries in the Caribbean region, the Andean Trade Preference Act (ATPA) for certain countries in South America, and the special rate for Israel.
Overall, HS Code 71141120 classifies forks with handles of silver, whether plated or clad with other precious metals. The code is used for customs and trade purposes, and it is important for importers and exporters to understand the duty rates and special tariff preference programs associated with this HS code. By leveraging these programs, businesses can benefit from duty-free treatment and promote international trade and cooperation in the silverware industry.