Precious metal articles are an essential part of the global trade industry, and the HS Code 71159005 specifically refers to metal articles that are clad with precious metal, in a rectangle or near rectangle shape, and are composed of 99.5% or pure precious metal. These articles are typically marked only by weight or identity.
When it comes to international trade, countries often have various trade barriers in place to protect their domestic industries. However, when a country decides to lower a trade barrier or open up its market, it must do so for the same goods or services from all its trading partners. This principle is known as the Most Favored Nation (MFN) duty rate, which ensures equal treatment for all trading partners.
The quantity unit for these precious metal articles is measured in grams (GM). This unit of measurement allows for precise tracking and standardization of the products being traded.
There are several special tariff preference programs associated with HS Code 71159005. These programs provide certain countries with preferential treatment, often in the form of duty-free treatment. The countries that enjoy these benefits include:
These preferential programs, such as the Generalized System of Preferences (GSP) and various bilateral agreements, aim to promote trade and economic cooperation between countries.
When it comes to importing precious metal articles with HS Code 71159005, certain US states are more active in this trade. These states include Connecticut, Florida, Hawaii, New York, Rhode Island, and the Virgin Islands. These states have a higher frequency of imports of these precious metal articles.
On the other hand, the US states that are more active in exporting these precious metal articles are California, Florida, Hawaii, Nevada, New Jersey, New York, Rhode Island, Virgin Islands, and Idaho. These states play a crucial role in meeting the demand for these articles in the global market.
HS Code 71159005 encompasses precious metal articles that are clad with precious metal, in a rectangle or near rectangle shape, and are composed of 99.5% or pure precious metal. This code is associated with various tariff preference programs and is imported and exported by several US states. The international trade of these articles contributes to the global economy and promotes economic cooperation between countries.