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The tariff schedule has 99 chapters under 22 sections, and various appendices for chemicals, pharmaceuticals, and intermediate chemicals for dye.Raw materials or basic substances generally appear in the early chapters and in earlier headings within a chapter, whereas highly processed goods and manufactured articles appear in later chapters and headings.
Until recently, the United States applied a customs tariff that was among the lowest in the world: 3% on average. [7] [8] However, with increased tariffs on Chinese goods, as of May 2019, the US has the highest tariff rate among all developed nations with a trade-weighted tariff rate of 4.2%. [9]
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Title 19 of the United States Code outlines the role of customs and ... Title 12 - Banks and ... 19 U.S.C. ch. 18—Implementation of Harmonized Tariff Schedule;
It is closely related to the Harmonized Tariff Schedule of the United States. These categories are based on the international Harmonized System , the global system of nomenclature that is used to describe most world trade in goods, maintained by the World Customs Organization (WCO). [ 2 ]
This time around, Trump has proposed a 20% tariff across the board on all US imports and even steeper duties of 60% on goods from China and other major trading partners.
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To ensure harmonization, the Contracting Parties to the Convention on the Harmonized Commodity Description and Coding System, have agreed to base their national tariff schedules on the HS Nomenclature and Legal Notes. Parties are permitted to subdivide the HS Nomenclature beyond 6-digits and add their own Legal Notes according to their own ...