The HS Code 84073435 refers to spark-ignition reciprocating piston engines used in agricultural tractors with a cylinder capacity over 2000 cc. This code is used to classify and identify these specific engines for international trade and customs purposes.
When importing or exporting goods, it is crucial to understand the HS code as it helps in determining the applicable duties and tariffs. In the case of HS Code 84073435, the bound or MFN (Most Favored Nation) duty rate is free. This means that countries cannot impose tariffs or duties on these engines when trading with each other.
The principle of the MFN duty rate is based on the concept of non-discrimination in international trade. It ensures that when a country lowers a trade barrier or opens up its market for specific goods or services, it must do so for all its trading partners equally. This promotes fair and equitable trade practices among nations.
The quantity unit for HS Code 84073435 is in numbers (NO). This means that the engines are measured and traded based on the number of units rather than weight or volume.
There are also special tariff preference programs that may apply to HS Code 84073435. These programs provide additional benefits and concessions for certain countries or regions, promoting trade and economic cooperation. The specific programs applicable to these engines may vary depending on the country of import or export.
For example, when importing these engines into the United States, the following states have been identified as major importers: Alabama, Kentucky, Michigan, Missouri, Ohio, and South Carolina. These states have a significant demand for agricultural tractors and their engines, making them key markets for these products.
On the other hand, the major exporting states in the United States for HS Code 84073435 include Alabama, Michigan, Ohio, Tennessee, and West Virginia. These states have the capacity to manufacture and supply these engines to meet the domestic and international demand.
HS Code 84073435 plays a crucial role in facilitating international trade of spark-ignition reciprocating piston engines used in agricultural tractors. It ensures uniform classification, tariff determination, and trade statistics for these products. Understanding and complying with the HS code requirements is essential for importers, exporters, and customs authorities to facilitate smooth and efficient trade operations.