Iron and steel play a vital role in various industries, from construction to manufacturing. They are used to create a wide range of products, including angles, shapes, and sections. HS Code 72165000 specifically refers to iron or nonalloy steel angles, shapes, and sections that are not further worked than hot-rolled, hot-drawn, or extruded.
When it comes to international trade, HS codes are used to classify products for customs purposes. They ensure that goods are properly identified and help determine the applicable duties and regulations. HS Code 72165000 is essential in facilitating the smooth flow of iron and nonalloy steel products across borders.
The product description for HS Code 72165000 denotes that these angles, shapes, and sections are made from iron or nonalloy steel and have undergone specific manufacturing processes. They are not subject to further working beyond being hot-rolled, hot-drawn, or extruded. This means that they retain their original form and dimensions.
Bound / MFN duty rate refers to the duty rate applied to goods imported under the Most Favored Nation (MFN) principle. Under this principle, every time 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. In the case of HS Code 72165000, the bound / MFN duty rate is free.
The quantity unit for HS Code 72165000 is kilograms (KG). This unit of measurement is used to determine the weight of the imported or exported iron or nonalloy steel angles, shapes, and sections.
Special tariff preference programs may also apply to goods classified under HS Code 72165000. These programs are designed to promote trade and economic cooperation between countries. They often provide reduced or zero duty rates for eligible products. Importing and exporting US states can take advantage of these programs to enhance their trade relationships and competitiveness.
HS Code 72165000 serves as a valuable reference for importers, exporters, and customs authorities. It ensures the accurate classification and proper handling of iron and nonalloy steel angles, shapes, and sections. Understanding the specifics of this HS code is crucial for complying with trade regulations and maximizing the benefits of international trade.