The HS Code 82055955 refers to a specific category of products in international trade. This code is used to classify iron or steel handtools (other than household tools and caulking guns) and their base metal parts. It provides a standardized way of identifying and categorizing these goods for customs and statistical purposes.
When importing or exporting products classified under HS Code 82055955, it is important to be aware of the relevant regulations, duties, and trade preferences that may apply. In this article, we will explore the details of this HS Code, including its description, duty rates, quantity unit, and special tariff preference programs.
The product description for HS Code 82055955 is "Iron or steel handtools (other than household tools and caulking guns) nesoi, and base metal parts thereof." This means that the code covers a wide range of handtools made of iron or steel, excluding those commonly used in households or specifically designed for caulking.
These handtools can include various types of tools such as wrenches, pliers, hammers, screwdrivers, and more. The base metal parts refer to the components and accessories that are integral to these handtools.
The bound or most-favored-nation (MFN) duty rate for products classified under HS Code 82055955 is 5.3%. The MFN duty rate applies whenever a country lowers a trade barrier or opens up a market. It ensures that the same goods or services from all trading partners are subject to the same duty rate.
It is essential for importers and exporters to consider this duty rate when calculating the costs and pricing of their products. Lower duty rates can provide a competitive advantage and encourage trade between countries.
The quantity unit for HS Code 82055955 is not available (NA). This means that the code does not specify a particular unit of measurement for the quantity of handtools or base metal parts. The quantity may be measured and reported differently based on the specific product and trade requirements.
Importers and exporters should provide accurate information about the quantity of goods when completing customs documentation to ensure compliance with regulations and facilitate smooth trade transactions.
Products classified under HS Code 82055955 may be eligible for special tariff preference programs in certain countries. These programs provide preferential treatment in terms of duty rates or exemptions for specific trading partners. Here are some of the special tariff preference programs applicable to this HS Code:
Importers and exporters should familiarize themselves with the specific requirements and conditions of these tariff preference programs to take advantage of the benefits they offer. Compliance with the rules of origin and other eligibility criteria is crucial to qualify for preferential treatment.
HS Code 82055955 encompasses a wide range of iron or steel handtools and base metal parts. Understanding the product description, duty rates, quantity unit, and special tariff preference programs associated with this HS Code is essential for importers and exporters. By adhering to the relevant regulations and taking advantage of tariff preferences, businesses can optimize their international trade activities and enhance competitiveness in the global market.