US Import Duties: Costs for Foreign Trade Businesses
Category: Industry NewsDate: July 29, 2024 12: 04Source: Zhong Shen (Shanghai)
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foreign tradeWhen importing goods to the US, enterprises should pay attention not only to US import tariffs but also other import-related fees.
First, goods valued under $800 are exempt from US import tariffs. Accurate valuation is crucial to avoid unexpected fees during customs inspection. Additionally, businesses must identify their Harmonized System (HS) code and Harmonized Tariff Schedule (HTS) code for customs documentation.
Second, US import tariffs vary by industry. For example: apparel averages 16%, LED lights 3.9%, and furniture 1%. Anti-dumping goods may face tariffs up to 227%. Businesses must understand applicable tariffs for accurate pricing and profit calculations.
Furthermore, importers must pay additional fees like Merchandise Processing Fee (MPF) and Harbor Maintenance Fee (HMF). MPF is 0.3464% for formal entries or $2-$5 for informal entries. HMF is 0.125% of cargo value, applicable only when transportation mode isMaritime transportrequired. Businesses should calculate these fees based on shipping methods.
In conclusion, understanding US import tariffs and related fees is essential for foreign trade enterprises. Comprehensive knowledge enables better profit protection and establishes stronger US trade foundations.