New WCO HS Tariffs in Effect
Effective January 1st, 2017, the World Customs Organization (WCO) enacted their amendments to the Harmonized System (HS) Nomenclature. These changes happen every five years to ensure that tariffs are accurate and relevant in the continuously changing import/export industry.
In total there were 233 amendments across multiple HS chapters. The breakdown of the industries affected is as follows:
85 amendments in the Agricultural sector (such as natural honey, meat of bovine animals, and fresh or chilled potatoes),
45 amendments in the Chemical sector (such as hydrogen, rare gasses, and other non-metals),
25 amendments in the Machinery sector (such as nuclear reactors, steam turbines, and turbojets),
18 amendments in the Transport sector (such as tractors, tanks and other armoured fighting vehicles, and balloons and dirigibles),
15 amendments in the Textile sector (such as raw silk, wool, carpets, and other textile floor coverings),
13 amendments in the Wood sector (such as fuel wood, wood charcoal, and railway (cross-ties) of wood),
6 amendments in the Base Metal sector (such as semi-finished products of iron, and anchors, grapnels and parts thereof, of iron or steel),
and 26 amendments in the “Other” sectors.
The majority of the amendments were prompted by the Food and Agriculture Organization of the United Nations to enhance global food security. As such, there are significant changes that occur in Meat (chapter 2), Dairy (chapter 4), Edible Vegetables (chapter 7), Edible Fruits (chapter 8), and Seeds and Grains (chapter 12) in relation to this effort.
You can view a complete listing of the changes here.
Confused About Tariff Elimination?
If you have any confusion surrounding tariff amendments, or how they may impact her business, contact our Farrow Trade Specialists!
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