The HS Code 98140050 refers to the classification of tea, tea waste, and tea siftings and sweepings used for the manufacturing of chemical products. This code is used to identify and categorize these specific products for import and export purposes.
Tea is a popular beverage enjoyed by people all over the world. However, it is not just used for brewing a cup of tea. Tea and its by-products can also be utilized in various industries, including the chemical industry. The HS Code 98140050 specifically focuses on tea products that are used for manufacturing chemical products.
When importing tea, tea waste, or tea siftings and sweepings for manufacturing chemical products, it is essential to know the duty rates associated with this HS Code. The bound or MFN (Most Favored Nation) duty rate for this code is free, provided it is under bond, as prescribed in U.S. note 1 to this subchapter. This means that there are no additional duties imposed on these products when imported.
It is important to note that trade barriers can affect the import and export of goods. However, under the principle of MFN, 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 ensures fair and equal treatment for all trading partners involved.
Quantity unit information for this HS Code states that no units are collected (X). This means that the quantity of tea, tea waste, or tea siftings and sweepings imported or exported under this code is not measured or collected in specific units.
There are also special tariff preference programs associated with HS Code 98140050. These programs provide certain countries with preferential treatment when it comes to import duties. The countries eligible for free duty treatment under this HS Code include Bahrain (BH), Canada (CA) under NAFTA, Israel (IL), Jordan (JO), Morocco (MA), Mexico (MX) under NAFTA, Oman (OM), Panama (P), and Peru (PE). These countries can import tea products for manufacturing chemical products without paying any duty.
However, there are some countries that have a special rate of 1.5 percent of the fair retail value for importing tea products under this HS Code. These countries include Chile (CL) and Singapore (SG). The duty rate for these countries is 1.5 percent of the fair retail value of the tea products being imported.
Importing US states associated with this HS Code include Utah. This means that tea, tea waste, or tea siftings and sweepings for manufacturing chemical products can be imported into the state of Utah using this HS Code.
HS Code 98140050 is used to classify tea, tea waste, and tea siftings and sweepings used for the manufacturing of chemical products. It provides information on duty rates, quantity units, special tariff preference programs, and importing US states. Understanding this HS Code is essential for businesses involved in the import and export of tea products for chemical manufacturing purposes.