When it comes to international trade, the Harmonized System (HS) Code plays a crucial role in classifying products. Each HS Code represents a specific category of goods, and it helps customs authorities and traders worldwide to identify and track products accurately. In this article, we will explore the details of HS Code 91070040, which refers to time switches with clock or watch movements or with synchronous motor, valued not over $5 each.
Time switches are devices that allow users to program and control the operation of electrical devices at specific times. They are widely used in various applications, including lighting control, energy management, and automation systems. HS Code 91070040 specifically focuses on time switches that incorporate clock or watch movements or have a synchronous motor.
According to the HS Code description, the time switches covered under this category should have a value not exceeding $5 each. This value serves as a threshold to determine the classification and applicable duty rates for these products. It is essential for importers and exporters to accurately declare the value of their goods to ensure compliance with customs regulations.
The bound or Most Favored Nation (MFN) duty rate for time switches with HS Code 91070040 is 15 cents each plus 4% of the value. Additionally, there is a charge of 2.5 cents per jewel for every time a country lowers a trade barrier or opens up a market. The MFN duty rate applies uniformly to all trading partners of a country, ensuring fair and equal treatment in international trade.
The quantity unit for time switches with HS Code 91070040 is specified as "number" (NO). This unit indicates that the goods should be declared and measured based on the number of individual time switches being imported or exported.
Special tariff preference programs may also apply to time switches under this HS Code. These programs offer favorable duty rates or duty-free treatment for specific countries or regions. For example:
Importing and exporting time switches with HS Code 91070040 involves various US states and trading partners worldwide. The specific details of these transactions may vary depending on the origin and destination countries. It is crucial for traders to understand the applicable tariff rates, preferential programs, and any additional requirements or certifications that may be necessary for successful import or export.
HS Code 91070040 represents time switches with clock or watch movements or with synchronous motor, valued not over $5 each. Understanding the details and implications of this HS Code is essential for importers, exporters, and customs authorities involved in international trade. By adhering to the correct classification, duty rates, and preferential programs, traders can ensure smooth and compliant transactions for these products.