Lathes are versatile machines used in various industries for shaping and machining metal workpieces. The HS Code 84589950 specifically refers to lathes (including turning centers) that are not horizontal or vertical turret lathes and are used for removing metal. These lathes are classified under HS Code 8458, which covers machinery for working metal by removing material.
When it comes to international trade, the HS code plays a crucial role in identifying and classifying goods. It is a standardized system developed by the World Customs Organization (WCO) to ensure consistency and harmonization in global trade. HS codes are used by customs authorities to determine the applicable customs duties, taxes, and regulations for each product.
The product description for HS Code 84589950 clearly states that it covers lathes used for removing metal, excluding numerically controlled lathes. This means that the code encompasses a wide range of conventional lathes used in metalworking processes.
Importing countries typically apply a bound or Most Favored Nation (MFN) duty rate to goods classified under HS Code 84589950. The bound duty rate for this code is 4.4%. The MFN duty rate is the rate that applies to all trading partners of a country, ensuring equal treatment for goods or services from all countries.
However, there are special tariff preference programs in place that provide duty-free treatment for lathes under HS Code 84589950. These programs allow certain countries to import lathes without paying any customs duties. The countries currently eligible for these special rates include:
These special tariff preference programs aim to promote trade and economic cooperation between countries by eliminating or reducing trade barriers for specific goods. By taking advantage of these programs, importers can save on customs duties, making it more cost-effective to import lathes for metalworking purposes.
When it comes to the quantity unit for HS Code 84589950, the number (NO) is used to indicate the quantity of lathes being imported or exported.
For example, if a company based in New Hampshire, United States, wishes to import lathes classified under HS Code 84589950, they can benefit from the special tariff preference programs available. Additionally, they would be subject to the MFN duty rate of 4.4% if their trading partner does not qualify for any preferential treatment under the aforementioned programs.
HS Code 84589950 encompasses lathes used for removing metal, excluding numerically controlled lathes. Importers and exporters of these machines should be aware of the applicable duty rates and the availability of special tariff preference programs that provide duty-free treatment in certain countries. Understanding the HS code system is essential for successful international trade and ensuring compliance with customs regulations.