Wrist watches have become an essential accessory for millions of people around the world. They not only serve the purpose of telling time but also add a touch of style to one's appearance. The HS Code 91022950 specifically refers to wrist watches that are not electrically operated, not auto-winding, and have a movement over $15 each, with a band made of material not elsewhere specified.
When importing wrist watches with this HS Code into the United States, it is important to be aware of the various regulations and duty rates associated with them. The bound or Most-Favored-Nation (MFN) duty rate for these watches is 93 cents each, with an additional 4.8% on the case and 2.2% on the strap, band, or bracelet. It is worth noting that duty rates may vary depending on the country of origin and any applicable trade agreements.
Trade agreements play a significant role in determining the duty rates for imported goods. The principle of Most-Favored-Nation (MFN) treatment ensures that every time 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 promotes fair and non-discriminatory trade practices.
The quantity unit for wrist watches under HS Code 91022950 is measured in numbers (NO). This means that the quantity of watches being imported or exported should be specified in whole numbers rather than weight or volume.
There are various special tariff preference programs available for wrist watches with this HS Code. These programs offer preferential treatment in terms of duty rates and include the following:
These special tariff preference programs allow for reduced or duty-free treatment, depending on the specific program and country involved. Importers and exporters should be familiar with the eligibility criteria and required documentation to take advantage of these programs.
It is important to note that the importing and exporting of wrist watches under HS Code 91022950 is not limited to specific states in the United States. These watches can be imported or exported to and from any state within the country.
HS Code 91022950 covers wrist watches that are not electrically operated, not auto-winding, have a movement over $15 each, and feature a band made of material not elsewhere specified. Importers and exporters should be aware of the duty rates, special tariff preference programs, and the principle of Most-Favored-Nation treatment when dealing with these watches. Compliance with regulations and understanding the various trade agreements can help facilitate smoother international trade in wrist watches.