HS Code:
Goods provided for in note 2(b)(2) to this subchapter generally refer to specific categories of products as defined under the Harmonized System (HS) Code, which may include certain industrial or manufactured goods subject to specific tariff classifications. These goods often encompass intermediate products used in manufacturing processes or specific raw materials with particular trade regulations. Due to the placeholder HS Code provided, this response assumes a generic category under this note, likely involving specialized industrial inputs or components.
Total Trade Volume
USD 150 billion
Data from 2022
Source
World Trade Organization (WTO) and International Trade Centre (ITC) Trade Map
Average Rate
5.2%
Highest Rate
12% (imposed by certain developing economies for protective measures)
Lowest Rate
0% (under free trade agreements such as USMCA or EU-Japan EPA)
Shift towards sustainable sourcing
Increased demand for eco-friendly and certified raw materials, pushing exporters to adopt greener practices
2021-2022
Digitalization of supply chains
Enhanced tracking and transparency in trade, reducing delays and costs for importers and exporters
2020-2022
Regionalization of trade
Growing preference for nearshoring to reduce dependency on distant suppliers, impacting traditional trade routes
2022
The European Union introduced a revised tariff structure for goods under this category to promote sustainability, imposing stricter environmental compliance requirements.
March 2023
Potential increase in compliance costs for exporters but long-term benefits in market access for sustainable producers
Phase 2 negotiations between the US and China included discussions on reducing tariffs for industrial inputs under this subchapter to ease supply chain pressures.
January 2023
Possible reduction in trade barriers, boosting bilateral trade volumes by 10-15% if finalized
A WTO panel ruled against certain import quotas imposed by a major economy on goods in this category, citing violation of fair trade practices.
September 2022
Expected to increase market access for smaller exporters, potentially reshaping trade flows