Machine tools are essential equipment in various industries, including woodworking, cork production, and bone processing. HS Code 84659901 specifically refers to machine tools used for working with materials such as wood, cork, bone, hard rubber, hard plastics, and other similar hard materials.
These machine tools play a crucial role in shaping, cutting, drilling, and finishing these materials, enabling manufacturers to create intricate and precise products. They are used in a wide range of applications, including furniture production, craftwork, and industrial manufacturing processes.
When it comes to international trade, the HS Code serves as a standardized system for classifying products. It helps customs authorities identify the exact nature of the goods being imported or exported. The HS Code 84659901 specifically identifies machine tools used in the mentioned industries.
Understanding the HS Code is important for both importers and exporters. It helps them comply with regulations, determine applicable tariffs, and qualify for special tariff preference programs. Let's take a closer look at the details and implications of HS Code 84659901.
The bound / MFN (Most Favored Nation) duty rate for HS Code 84659901 is 2.4%. This means that every time a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners. The duty rate of 2.4% applies to the value of the machine tools being imported or exported.
The quantity unit for HS Code 84659901 is "number" (NO). This unit signifies that the quantity is measured in the number of machine tools being imported or exported.
HS Code 84659901 is eligible for several special tariff preference programs. These programs provide certain countries with preferential treatment, such as duty-free or reduced-duty access to the importing country's market. Here are the special tariff preference programs applicable to HS Code 84659901:
These special tariff preference programs aim to promote trade and economic cooperation between countries by facilitating the flow of goods and reducing trade barriers.
HS Code 84659901 is relevant for both importing and exporting US states. Importing states refer to those states where the machine tools are being brought into the United States, while exporting states are those where the machine tools are originating from within the United States and being shipped to other countries.
Various US states engage in trade activities involving machine tools covered by HS Code 84659901. These states include but are not limited to:
These states have thriving industries that rely on machine tools for various applications. Importing and exporting machine tools contributes to their economic growth and supports local businesses.
HS Code 84659901 specifies machine tools used for working with wood, cork, bone, hard rubber, hard plastics, and similar hard materials. Understanding this HS Code is crucial for importers and exporters, as it helps determine the applicable duty rates and eligibility for special tariff preference programs. It also plays a vital role in facilitating international trade and promoting economic cooperation between countries.