Tuesday, November 29, 2016
TARIFF CHANGES UNDER THE WORLD CUSTOMS ORGANIZATION (WCO) HARMONIZED SYSTEM FOR 2017
Recommendations for amendments to the Harmonized System (HS) nomenclature that were made and adopted at the WCO Council in June, 2014 will go into force on January 1, 2017 (HS 2017).
The new version of the HS includes 234 sets of amendments. Environmental and social issues are a major feature of these amendments, due to the importance of the HS as a global tool for collecting trade statistics and monitoring trade. This is borne out by the fact that the HS Convention currently has 150 Contracting Parties, making it the WCO’s most successful international instrument to date.
The International Trade Commission has asserted that the proposed modifications would ensure substantial duty rate neutrality and have little or no significant economic effect on U.S. industry or labor.
In addition to agricultural and food products, other sections of the tariff affected by these changes include chemical products, plastics and rubber articles, wood and articles of wood, textiles, base metals, machinery and mechanical appliances, and vehicles, aircraft and vessels, as well as other sections.
For more information regarding the 2017 HS Edition, please click on the link provided below: