HS Code 71101100: Platinum, unwrought or in powder form
Platinum, one of the rarest and most precious metals in the world, is highly valued for its beauty, durability, and various industrial applications. This article will delve into the details of HS Code 71101100, which specifically refers to platinum in its unwrought or powder form. We will explore the product description, duty rates, quantity units, special tariff preference programs, as well as the importing and exporting US states.
Product Description:
HS Code 71101100 pertains to platinum in its unwrought or powder form. Unwrought platinum refers to platinum that has not been shaped or worked into a specific form, while platinum in powder form indicates finely divided platinum particles or flakes. This HS code encompasses both types of platinum and is instrumental in categorizing and regulating its international trade.
Bound / MFN Duty Rate:
Platinum, classified under HS Code 71101100, enjoys a bound / MFN (Most Favored Nation) duty rate of free. This means that every time a country lowers a trade barrier or opens up a market, it must extend the same favorable treatment to platinum imports from all its trading partners. This duty-free rate encourages trade and ensures fair treatment for all parties involved.
Quantity Unit Component:
The quantity unit component for platinum under HS Code 71101100 is grams (CGM). This unit of measurement is used to quantify the weight or quantity of platinum being imported or exported. It allows for precise calculations and accurate record-keeping in international trade transactions involving platinum.
Special Tariff Preference Programs:
Platinum falling under HS Code 71101100 is eligible for certain special tariff preference programs. These programs offer specific countries or regions preferential treatment in terms of duty rates. The countries and regions eligible for duty-free treatment under the special tariff preference programs for platinum are as follows:
- Australia (A*)
- Austria (AU)
- Bahrain (BH)
- Canada (CA) under NAFTA (North American Free Trade Agreement)
- Chile (CL)
- European Union member states (E)
- Israel (IL)
- Japan (J)
- Jordan (JO)
- Morocco (MA)
- Mexico under NAFTA (P)
- Oman (OM)
- Peru (PE)
- Singapore (SG)
These special tariff preference programs aim to promote trade and foster economic cooperation between the countries involved. By granting duty-free treatment, they encourage the import and export of platinum, benefiting both producers and consumers.
Importing US States:
When it comes to importing platinum under HS Code 71101100 into the United States, several states stand out as major importers. The top importing US states for platinum in its unwrought or powder form are:
- Nevada
- New York
- Connecticut
- Florida
- Utah
- Delaware
- Massachusetts
These states demonstrate a significant demand for platinum and play a crucial role in the country's platinum trade.
Exporting US States:
On the other hand, certain US states excel in exporting platinum under HS Code 71101100. The leading exporting US states for platinum in its unwrought or powder form are:
- New York
- California
- Nevada
- Virgin Islands
- Rhode Island
- New Mexico
- Florida
- Massachusetts
- Utah
- New Jersey
- Pennsylvania
These states contribute significantly to the global platinum market by supplying unwrought or powdered platinum to other countries, further enhancing international trade relations.
HS Code 71101100 encompasses platinum in its unwrought or powder form and plays a vital role in regulating its international trade. With a duty rate of free and eligibility for special tariff preference programs, platinum importers and exporters can benefit from favorable trade conditions. Understanding the importing and exporting US states provides valuable insights into the patterns and dynamics of platinum trade within the United States.
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