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We are importing semi-finished rings from China, Italy or South Africa to the USA and know that there are high import duties for finished products (but what about semi-finished products?). What are the import duties for this kind of trade and is there any legal way around having to pay them?

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There is a whole business in just figuring out tarifs. It's complicated but here is a link to the government site. http://www.usitc.gov/tata/hts/bychapter/index.htm

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