When it comes to trade, it is essential to have a standardized system for classifying and identifying goods. The Harmonized System (HS) provides just that, with each product assigned a unique HS code. In this article, we will explore the HS code 91029140, which refers to watches (excluding wrist watches) that are electrically operated and have 0-1 jewel in the movement.
The HS code 91029140 is used to classify watches that fall under this specific description. It is important to note that wrist watches are excluded from this code, as they have their own separate classification. This code helps customs authorities and traders to easily identify and categorize these watches during import and export processes.
Now let's dive deeper into the details of this HS code and understand its implications for trade and tariffs.
The product description clearly states that the watches covered by this HS code are not wrist watches. They are electrically operated and have 0-1 jewel in the movement. This means that these watches are typically powered by batteries and may have minimal or no additional decorative elements in the movement.
Trade barriers and tariffs play a significant role in international trade. When a country lowers a trade barrier or opens up its market, it must do so for the same goods or services from all its trading partners. This principle of non-discrimination ensures fair competition and equal treatment among trading nations.
For the HS code 91029140, the bound or most-favored-nation (MFN) duty rate is 40 cents each, with an additional 6% on the case and 5.3% on the battery. This means that when importing watches classified under this HS code, a specific duty rate must be paid per watch, along with the corresponding percentage on the case and battery.
However, there are special tariff preference programs in place for certain countries. These programs allow for reduced or duty-free treatment for imports from eligible countries. For example:
These special tariff preference programs aim to promote trade and economic cooperation between countries, providing incentives for businesses to engage in international trade.
The quantity unit for watches classified under HS code 91029140 is "number" (NO). This unit indicates that the watches are counted individually, rather than being measured by weight or volume.
When it comes to importing and exporting watches under the HS code 91029140, the specific states within the United States may have their own regulations and requirements. It is crucial for traders to be aware of these state-specific rules to ensure compliance and smooth trade operations.
Similarly, when exporting watches from the United States to other countries, it is essential to consider the import regulations and requirements of the destination country. Understanding the specific import requirements can help avoid delays or issues at customs.
the HS code 91029140 is used to classify watches (excluding wrist watches) that are electrically operated and have 0-1 jewel in the movement. This code facilitates the identification and categorization of these watches during import and export processes. Traders should be aware of the relevant trade barriers, tariffs, and special tariff preference programs associated with this HS code to ensure compliance and take advantage of any available benefits.