When it comes to international trade, the Harmonized System (HS) plays a crucial role. The HS Code 99041208 refers to a specific product: Peanuts, other, which fall under the classification of 1202.20.80, 2008.11.35, and 2008.11.60. In this article, we will explore the details of this HS Code and its significance in global trade.
The product description for HS Code 99041208 is Peanuts, other, entered in the value safeguard period, with a price range of $0.10-$0.199 per kilogram. This code specifically covers peanuts that do not fall under any other specified categories. It is important to note the specific classifications (1202.20.80, 2008.11.35, and 2008.11.60) as they determine the import and export regulations for the product.
The bound / MFN duty rate for HS Code 99041208 is 46.4 cents per kilogram. The term "bound" refers to the maximum duty rate that a country can impose on imported goods. It acts as a commitment by the country not to increase the duty rate beyond the bound rate. The Most Favored Nation (MFN) principle ensures that any trade barrier reduction or market opening applies to all trading partners equally.
This means that whenever a country decides to lower a trade barrier or open up a market for a specific product, it must do so for the same goods or services from all its trading partners. It ensures fair and non-discriminatory treatment in international trade.
The quantity unit for HS Code 99041208 is kilograms (KG). This unit of measurement is standard in international trade and allows for easy calculation and comparison of quantities.
Special tariff preference programs may apply to HS Code 99041208, depending on the importing and exporting countries involved. These programs aim to promote trade and economic development between specific countries by offering reduced or eliminated duties on certain goods.
For the United States as the importing country, it is essential to understand the specific regulations and programs that may apply to the import of peanuts falling under HS Code 99041208. These programs could include preferential trade agreements, free trade agreements, or specific tariff exemptions.
Similarly, for US states involved in exporting peanuts falling under HS Code 99041208, it is crucial to consider the regulations and programs in place in the destination country. Understanding these requirements can help streamline the export process and ensure compliance with import regulations.
HS Code 99041208 pertains to peanuts falling under specific classifications. It is important to be familiar with the product description, bound / MFN duty rate, quantity unit, and any special tariff preference programs that may apply when importing or exporting these peanuts. Adhering to the HS Code system ensures smooth international trade and fosters fair and equal opportunities for all trading partners.