Stable with slight increase of 2% from previous year
Special Rates
Preferential Rate
0%
Applicable under specific trade agreements or for temporary imports; subject to documentation and approval by Bermuda Customs.
Additional Information
No additional information available.
Last updated: 1 year ago
News and Updates
Recent News
US Increases Export of L and T Sections to Bermuda
Recent trade data shows a 12% increase in the export of L or T sections (HS Code: 7216.21.00), not further worked than hot-rolled, hot-drawn, or extruded, of a height of 80 mm or more, from the United States to Bermuda, driven by construction demand.
2023-10-15
Impact: This surge may strengthen trade ties and boost US steel industry revenue, though it could increase costs for Bermudian importers if global steel prices rise.
Bermuda's Infrastructure Projects Fuel Demand for US Steel Sections
Bermuda's ongoing infrastructure developments have led to a steady import of L and T sections from the US, with a reported 8% growth in trade volume for these products in the last quarter.
2023-09-20
Impact: Increased demand may lead to long-term contracts, benefiting US exporters, but could strain Bermuda's budget if import dependency grows.
US-Bermuda Trade Agreement Discussions Include Steel Products
Preliminary talks between the US and Bermuda on trade agreements have highlighted steel products, including L and T sections of height 80 mm or more, as a key area for potential tariff reductions.
2023-08-05
Impact: If finalized, reduced tariffs could lower costs for Bermuda and increase export volumes for the US, fostering stronger bilateral trade.
Policy Updates
US Updates Export Regulations for Steel Products to Bermuda
The US Department of Commerce has introduced streamlined export documentation for steel products, including HS Code 7216.21.00 (L or T sections), to facilitate smoother trade with Bermuda, effective immediately.
Date: 2023-09-10
Bermuda Revises Import Duties on Steel Sections
Bermuda's government has adjusted import duties on steel products, including L and T sections of height 80 mm or more, increasing the rate by 2% to support local industries while balancing construction needs.
