Wrist watches have become an essential accessory in our daily lives, not only for keeping track of time but also as a fashion statement. The HS Code 91012940 specifically refers to wrist watches with cases made of or clad with precious metal, which adds a touch of elegance and luxury to these timepieces. In this article, we will delve into the details of this HS Code, exploring its product description, duty rates, special tariff preference programs, and the states involved in importing and exporting these watches.
The product description of HS Code 91012940 states that it includes wrist watches with cases of or clad with precious metal. These watches are not electrically operated and are non-automatic winding. They typically contain 8 to 17 jewels and have a movement size not exceeding 15.2 mm. The inclusion of precious metals in the cases adds value and aesthetic appeal to these watches, making them highly sought after by watch enthusiasts and collectors.
When importing wrist watches with the HS Code 91012940, certain duty rates apply. The bound or Most Favored Nation (MFN) duty rate is $1.92 each, with an additional 5% duty on the case and strap, band, or bracelet. These rates are charged per item and are subject to change based on international trade agreements and negotiations.
It is important to note that duty rates can vary based on the country of import. Whenever a country lowers a trade barrier or opens up a market, it must do so for the same goods or services from all its trading partners. This principle ensures fair and equal treatment in international trade.
HS Code 91012940 is eligible for several special tariff preference programs. These programs provide certain countries with duty-free treatment or reduced duty rates for importing wrist watches with precious metal cases.
These special tariff preference programs aim to promote trade and economic cooperation between countries, fostering mutually beneficial relationships.
Several US states are involved in the import of wrist watches with HS Code 91012940. These states include:
These states have a demand for luxury watches and serve as key entry points for these products into the United States.
Although not explicitly mentioned in the provided data, it is likely that the Virgin Islands play a role in exporting wrist watches with HS Code 91012940. The Virgin Islands are known for their duty-free shopping facilities and attract tourists looking for luxury goods.
HS Code 91012940 covers wrist watches with cases made of or clad with precious metal. These watches add a touch of elegance and luxury to any outfit. Understanding the product description, duty rates, special tariff preference programs, and the states involved in importing and exporting these watches is crucial for businesses and consumers alike.