In international trade, the Harmonized System (HS) code serves as a universal classification for products. Each HS code represents a specific product or product category, allowing for standardized identification and classification. One such HS code is 84621000, which refers to forging or die-stamping machines, including presses, and hammers.
Forging or die-stamping machines are essential tools in various industries, particularly in metalworking and manufacturing. These machines are used to shape and form metal parts through the process of forging or die-stamping. The process involves applying pressure to the metal, often using a hammer or press, to achieve the desired shape or design.
The HS code 84621000 encompasses a wide range of machines and equipment used in the forging and die-stamping industry. This includes both mechanical and hydraulic presses, as well as hammers of various types and sizes. These machines are crucial for industries such as automotive, aerospace, construction, and many others where metal parts need to be produced efficiently and accurately.
When it comes to international trade, understanding the HS code is essential for importers and exporters. It helps in determining the applicable duties and tariffs, as well as any special tariff programs or preference schemes that may be available for specific products.
The bound or Most Favored Nation (MFN) duty rate for HS code 84621000 is 4.4%. The MFN duty rate is the standard rate applied to all trading partners in the absence of any preferential treatment or special agreements. However, several special tariff preference programs provide duty-free treatment or lower rates for certain countries.
Under the Generalized System of Preferences (GSP), which is a trade program aimed at promoting economic development in developing countries, products classified under HS code 84621000 can enjoy duty-free treatment when imported from eligible countries. Some of these countries include Australia, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Mexico (under NAFTA), Oman, Peru, Singapore, and others.
Additionally, other regional trade agreements and preference programs, such as the Caribbean Basin Initiative (CBI) and the Andean Trade Preference Act (ATPA), offer special rates or duty-free treatment for products imported from specific countries within those regions.
Importing states within the United States that commonly receive products classified under HS code 84621000 include industrial hubs and manufacturing centers such as California, Texas, Michigan, Ohio, and Illinois. These states have a significant demand for forging and die-stamping machines to support their respective industries.
On the other hand, exporting states within the United States that are known for producing and supplying products classified under HS code 84621000 include states with a strong manufacturing base, such as Ohio, Michigan, Pennsylvania, Illinois, and Wisconsin.
HS code 84621000 represents forging or die-stamping machines, including presses, and hammers. These machines play a crucial role in various industries, and understanding the HS code is essential for importers and exporters. By knowing the applicable duty rates and any special tariff preference programs, businesses can make informed decisions when trading in these products.