HS Code 85051100: Permanent Magnets and Articles Intended to Become Permanent Magnets
Permanent magnets play a crucial role in various industries, from electronics to manufacturing. They are essential components in devices such as motors, generators, speakers, and magnetic storage devices. The HS Code 85051100 specifically covers permanent magnets and articles that are intended to become permanent magnets after being magnetized, made of metal.
When it comes to international trade, HS codes help classify and identify specific products for customs purposes. The HS Code 85051100 ensures that permanent magnets and related articles are properly categorized, allowing for accurate documentation and tariff determination.
Importing and exporting permanent magnets and articles under HS Code 85051100 may involve certain duties and special tariff preference programs. Let's delve deeper into this code to understand its implications for international trade.
Product Description:
Permanent magnets and articles intended to become permanent magnets after magnetization, of metal, fall under HS Code 85051100. This code includes a wide range of permanent magnets made of various metals, such as iron, cobalt, nickel, and their alloys. These magnets can come in different shapes and sizes, depending on their intended use.
Bound/MFN Duty Rate:
The bound/MFN duty rate for HS Code 85051100 is 2.1%. This duty rate applies whenever a country lowers a trade barrier or opens up a market. It ensures that the same goods or services from all trading partners are subject to equal treatment.
Quantity Unit:
The quantity unit for HS Code 85051100 is a number (NO). This unit indicates the number of permanent magnets or magnetized articles being imported or exported.
Special Tariff Preference Programs:
Certain countries offer special tariff preference programs that provide duty-free treatment for imports and exports under HS Code 85051100. These programs aim to promote trade and economic cooperation between the participating countries. Here are some examples:
- Generalized System of Preferences (GSP): This program grants duty-free treatment for eligible products, including permanent magnets, from various developing countries.
- Australia Special Rate: Australia offers a specific tariff rate for permanent magnets and related articles.
- Automotive Products Trade Act (APTA): This program provides duty-free treatment for automotive products, including those under HS Code 85051100.
- Bahrain Special Rate: Bahrain offers a special tariff rate for permanent magnets and magnetized articles.
- NAFTA for Canada, Mexico: Under the North American Free Trade Agreement (NAFTA), Canada and Mexico enjoy duty-free treatment for permanent magnets and related articles.
- Chile Special Rate: Chile offers a specific tariff rate for imports and exports of permanent magnets.
- Caribbean Basin Initiative (CBI): This program provides duty-free treatment for eligible products from designated Caribbean countries.
- Israel Special Rate: Israel offers duty-free treatment for permanent magnets and magnetized articles.
- Andean Trade Preference Act (ATPA): This program grants duty-free treatment for eligible products from Andean countries, including permanent magnets.
- Jordan Special Rate: Jordan offers a specific tariff rate for permanent magnets and related articles.
- Morocco Special Rate: Morocco provides a special tariff rate for permanent magnets and magnetized articles.
- Dominican Republic-Central American Special Rate (DR-CAFTA): This program grants duty-free treatment for eligible products from the Dominican Republic and Central American countries.
- Peru Special Rate: Peru offers a specific tariff rate for permanent magnets and related articles.
- Singapore Special Rate: Singapore provides a special tariff rate for permanent magnets and magnetized articles.
Importing and Exporting US States:
HS Code 85051100 applies to importing and exporting permanent magnets and articles intended to become permanent magnets from and to various US states. The exact states involved in import and export activities may vary depending on market demand and trade relationships.
HS Code 85051100 plays a crucial role in classifying and identifying permanent magnets and related articles for international trade. Understanding this code and its implications can help businesses navigate the import and export process more efficiently. Additionally, taking advantage of special tariff preference programs can contribute to cost savings and enhanced trade relations between countries.
More on HS code 85051100
