Lesson_41_Harmonized Tarrif Schedule

Lesson_41_Harmonized Tarrif Schedule - against other...

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1 Lesson 41 1 The Harmonized Tariff Schedule Actual tariffs and quotas levied by the U.S. are contained in the Harmonized Tariff Schedule Extremely long and complex document, available on line from the USITC Lesson 41 2 For illustrative purposes, use Chapter 64 (Footwear) Chapter begins with detailed description of what is covered in the chapter Actual policy information starts on page 4, with a table consisting of 7 columns Lesson 41 3 First column on far left is a numeric code (HTS code) given to identify a particular product Next column provides a numeric suffix, in some cases refining the product definition Verbal description in third column Fourth column specifies unit of measurement
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2 Lesson 41 4 Actual tariff rates specified in last three columns…. …and are actually referred to as column 1 and column 2 rates! Column 1 spans two separate sub columns First column specifies the MFN rate Lesson 41 5 Membership in the WTO requires that the U.S. abide by the most-favored-nation principle (MFN) This is a principle that bans discrimination
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Unformatted text preview: against other members of the WTO This is a principle that bans discrimination against other members of the WTO with two exceptions Lesson 41 6 Preferential trading arrangements Preferential treatment of developing countries Generalized System of Preferences (GSP) Tariffs reflecting U.S. participation in a PTA or GSP are specified in second sub-column of column 1 3 Lesson 41 7 Column 2 tariffs are essentially the Smoot-Hawley tariffs Applied to imports from countries that are not members of WTO and for whom the U.S. declines to offer MFN treatment Meaning of abbreviations found in General Notes, prior to section I Lesson 41 8 Tariffs may be specific, ad valorem, or a combination of the two A combination of specific and ad-valorem (e.g., footwear with outer soles and uppers of rubber or plastics: other: for men: valued over $3 but not over $6.50 per pair is 76 per pair plus 32%!)...
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Lesson_41_Harmonized Tarrif Schedule - against other...

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