TradeLane

Following the inauguration of the new administration on January 20th, 2025, there has been significant movement in both statements and confirmed actions that have an impact on trade.

As businesses brace for 2025, the European Union will introduce significant updates to the Harmonized System (HS) of tariff classification, effective 1 January 2025. These changes, encapsulated in the Combined Nomenclature (CN), are vital for companies engaged in international trade to ensure accurate classification and compliance. The upcoming revisions reflect advancements in statistical requirements, commercial policies, and technological developments.

Why is it that chemicals and pharmaceutical items are often classified incorrectly? The answer has more to do with the nature of pharmaceutical trade than the complexity of the tariff (though it is complex). In an industry with its fair share of non-commercial product movements for testing, diagnosis, analysis, and new product development, that ‘newness’ and the speed at which product moves can make compliance determination challenging. However, meeting reasonable care standards makes attention to and investment in an accurate classification process critical. Here are some tips on how to get it right.

US Customs and Border Protection (CBP) issued ruling H290535 on September 29^th, 2022, which specifies that CBP interprets suppliers providing HTS Classifications to US Importers of Record as “transacting customs business” and requiring a customs brokerage license.

Last May, the National Competition for Customs Valuation and HS Classification was held by CVCI (Customs Valuation & Classification Institute, affiliated organization of Korea Customs Service).

A total of 369 people, including 21 organizations, participated in the HS Classification competition, and 271 people, including 11 organizations, participated in the Customs Valuation competition.