You may have heard that the U.S. Trade Representative (USTR) had been considering a tariff of up to 25% on industrial magnets from China. These tariffs would have affected many of our products, as China is the world’s primary source for rare earth elements and other minerals used to produce magnets. However, when the final list of tariffs was published, it did not include industrial magnets amongst the $200 billions of Chinese goods subject to a 10% tariff effective at 9/24/18 and increasing to 25% on January 1, 2019.
Take an example of neodymium magnet
Harmonized code in the USA: 8505.11.00
Chinese HS code: 8505111000
Alnico magnet
Harmonized code in the USA: 8505.11.90
Chinese HS code: 8505119000
For more details about tariffs please click https://ustr.gov/about-us/policy-offices/press-office/press-releases/2018/september/ustr-finalizes-tariffs-200.
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