When it comes to international trade, it is important to have a standardized system to classify and identify different goods and products. The Harmonized System (HS) code is a globally recognized system that is used by customs authorities to classify products for import and export purposes. Each product is assigned a unique HS code that helps in determining the applicable duties, taxes, and regulations.
The HS code 90142060 specifically refers to electrical instruments and appliances (other than compasses) for aeronautical or space navigation. This code is used to categorize and identify such products in international trade transactions.
One of the key aspects of the HS code system is the determination of duty rates. The bound or Most Favored Nation (MFN) duty rate for HS code 90142060 is free. This means that countries are not required to impose any customs duties on the importation of these products. It is important to note that the MFN duty rate applies universally to all trading partners of a country.
Furthermore, there are special tariff preference programs that provide additional benefits for imports under HS code 90142060. These programs offer duty-free treatment for eligible countries. The following countries are included in the special tariff preference programs for this HS code:
These special tariff preference programs provide an additional advantage for importers and exporters dealing with electrical instruments and appliances for aeronautical or space navigation. It allows for duty-free treatment, making it more cost-effective and encouraging trade between the participating countries.
In the United States, HS code 90142060 is imported primarily by the state of New Hampshire. The exact quantity unit number (NO) for this HS code is not specified in the data provided.
Overall, the HS code 90142060 plays a crucial role in the classification, regulation, and facilitation of international trade for electrical instruments and appliances for aeronautical or space navigation. Understanding the HS code system and the associated duty rates and tariff preference programs is essential for businesses and individuals involved in cross-border trade.