Wrist watches have become an essential accessory for both men and women in today's fast-paced world. With the advancement of technology, wrist watches have evolved to provide accurate timekeeping and various additional features. In this article, we will explore HS Code 91022150, which specifically refers to wrist watches with automatic winding and 2-17 jewels. These watches have a watch band that is not made of textile material or base metal.
The HS Code 91022150 is used to classify and identify these specific types of wrist watches for international trade purposes. It enables countries to categorize products uniformly and apply appropriate duties and regulations. Let's delve deeper into the details of this HS Code and its implications.
HS Code 91022150 covers wrist watches with automatic winding. These watches are equipped with 2-17 jewels, which are crucial for the smooth functioning of the watch movement. The term "jewels" refers to synthetic rubies or sapphires used as bearings in the watch movement to reduce friction and enhance accuracy.
Furthermore, the watch band of these timepieces is not made of textile material or base metal. This implies that the band can be made of materials like leather, stainless steel, ceramic, or other non-textile and non-base metal materials.
When it comes to international trade, countries often impose trade barriers in the form of tariffs and duties. HS Code 91022150 is subject to specific duty rates. The bound (Most Favored Nation - MFN) duty rate for these wrist watches is $1.75 each, with an additional 4.8% on the case and 2.2% on the strap, band, or bracelet.
It is important to note that countries have the option to lower trade barriers and open up their markets. However, they must do so for the same goods or services from all their trading partners. This principle, known as the Most Favored Nation (MFN) principle, ensures fair and equal treatment for all trading partners.
HS Code 91022150 may also be eligible for special tariff preference programs, which vary from country to country. These programs provide preferential treatment in terms of duty rates or duty-free treatment. Some of the special tariff preference programs applicable to this HS Code include:
These special tariff preference programs aim to promote trade and economic cooperation between countries by reducing or eliminating duties on specific products.
When it comes to importing wrist watches classified under HS Code 91022150, certain US states play a significant role. These states include Hawaii, New York, and the Virgin Islands. Importers located in these states may have specific regulations and requirements for importing such products.
On the other hand, the exporting of wrist watches classified under HS Code 91022150 does not specify any particular US states. However, it is important for exporters to comply with the regulations of the destination country and any applicable trade agreements.
HS Code 91022150 provides a specific classification for wrist watches with automatic winding, 2-17 jewels, and a non-textile and non-base metal watch band. Understanding this HS Code is crucial for importers, exporters, and regulatory authorities involved in international trade. By adhering to the relevant duty rates and taking advantage of special tariff preference programs, businesses can navigate the global market more efficiently and effectively.