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The Harmonized Tariff Schedule classifies a good based on its name, use, and/or the material used in its construction and assigns it a ten-digit classification code number, and there are over 17,000 unique classification code numbers.
The TARIC code (TARif Intégré Communautaire; Integrated Tariff of the European Communities) is designed to show the various rules applying to specific products when imported into the EU.
Statistical suffixes are often added to the 8-digit tariff code for a total of 10 digits. If the number of digits are more than 6, additional digits are called as the national subdivision. Chapter 77 is reserved for future use by the HS.
Council Regulation (EEC) No 2658/87 of 23 July 1987, creates the goods nomenclature called the Combined Nomenclature, or in abbreviated form 'CN', established to meet, at one and the same time, the requirements both of the Common Customs Tariff and of the external trade statistics of the European Union. [1]
So much so that he has said that he will impose 60% tariffs on Chinese imports, a 25% tariff on Mexican and Canadian goods and blanket tariffs of 10% to 20% on imports from most other countries ...
There are 6 General Rules in all, which must be applied in consecutive order. GRI 1 prescribes how to classify products at the 4-digit Heading level, based on the wording of the headings and the relative HS Section and Chapter Notes.
In addition to at least a 20% across-the-board tariff on Canadian and Mexican goods and a 60% levy on Chinese goods, Trump has vowed to implement a 10% tariff on all imports.
Economists have warned that consumers could bear the brunt of sweeping tariffs, which may lead to higher prices. Companies could respond to tariffs by buying a product in the U.S. rather than from ...