In just a matter of weeks, the long-awaited changes to the Harmonized Tariff Schedule will go into effect. The Presidential Trade Proclamation, which enforces these new alterations, was signed by President Obama at the end of December. According to Export.gov
, the 2012 revisions include 204 amendments in 53 HTS chapters. Overall, the changes will affect 108 different HTS headings.
The majority of the changes are food-related, with a significant portion in the seafood industry. Changes will also affect products such as water-pipe tobacco, biodiesel, and video game machines, among others. The revisions, which take place every five years, are intended to enhance safety of products (particularly for the food industry) as well as improve accuracy and details of newer products.
Is your company prepared for this transition?
For a detailed list of 2012 HTS code revisions, click here