Iron or steel screws and bolts are a common and essential component in various industries. These fasteners are used to securely join different materials together, providing strength and stability. The HS Code 73181560 specifically refers to screws and bolts made of iron or steel, which have shanks or threads less than 6 mm in diameter. Let's explore more about this HS code and its implications.
The product described under HS Code 73181560 includes screws and bolts made of iron or steel. These fasteners are classified under this HS code if their shanks or threads have a diameter less than 6 mm. It is important to note that this HS code is specific to screws and bolts and does not encompass other types of fasteners or larger-sized screws and bolts.
The bound / MFN (Most Favored Nation) duty rate for products falling under HS Code 73181560 is 6.2%. This means that when a country lowers a trade barrier or opens up a market, it must apply the same duty rate of 6.2% for the import of these screws and bolts from all its trading partners. The bound duty rate ensures fair and equal treatment for all trading partners.
The quantity unit for the import or export of products falling under HS Code 73181560 is kilograms (KG). This unit is used to measure the weight of the screws and bolts being traded. It provides a standardized measurement for accurate invoicing, shipping, and tracking purposes.
Several countries offer special tariff preference programs for products falling under HS Code 73181560. These programs provide certain trade benefits or duty-free treatment to promote trade and economic cooperation. Some of the special tariff preference programs applicable to this HS code are:
These special tariff preference programs aim to facilitate trade and promote economic partnerships between the countries involved. Importers and exporters can take advantage of these programs to reduce or eliminate the duty costs associated with the import or export of screws and bolts falling under HS Code 73181560.
While the specific data for importing and exporting US states under HS Code 73181560 is not provided, it is important to note that the demand for iron or steel screws and bolts exists across various states in the United States. However, the state of Michigan is mentioned multiple times in the provided data, indicating a potentially significant presence of importing and exporting activities related to this HS code in Michigan. The exact reasons behind this concentration in Michigan require further investigation.
HS Code 73181560 covers iron or steel screws and bolts with shanks or threads less than 6 mm in diameter. This HS code carries a bound / MFN duty rate of 6.2% and uses kilograms (KG) as the quantity unit for trade measurement. Several countries offer special tariff preference programs for this HS code, providing trade benefits or duty-free treatment. Michigan appears to have notable import and export activities related to this HS code, suggesting its importance in the state's trade ecosystem.