Page:United States Statutes at Large Volume 120.djvu/3226

 PUBLIC LAW 109–432—DEC. 20, 2006

120 STAT. 3195

TITLE VIII—GENERALIZED SYSTEM OF PREFERENCES (GSP) PROGRAM SEC. 8001. LIMITATIONS ON WAIVERS OF COMPETITIVE NEED LIMITATION.

Section 503(d)(4)(B) of the Trade Act of 1974 (19 U.S.C. 2463(d)(4)(B)) is amended— (1) by striking ‘‘The President’’ and inserting ‘‘(i) The President’’; (2) by striking ‘‘(i) had’’ and inserting ‘‘(I) had’’ and by striking ‘‘(ii) had’’ and inserting ‘‘(II) had’’; and (3) by adding at the end the following new clause: ‘‘(ii) Not later than July 1 of each year, the President should revoke any waiver that has then been in effect with respect to an article for 5 years or more if the beneficiary developing country has exported to the United States (directly or indirectly) during the preceding calendar year a quantity of the article— ‘‘(I) having an appraised value in excess of 1.5 times the applicable amount set forth in subsection (c)(2)(A)(ii) for that calendar year; or ‘‘(II) exceeding 75 percent of the appraised value of the total imports of that article into the United States during that calendar year.’’.

Deadline.

SEC. 8002. EXTENSION OF GSP PROGRAM.

Section 505 of the Trade Act of 1974 (19 U.S.C. 2465) is amended by striking ‘‘December 31, 2006’’ and inserting ‘‘December 31, 2008’’. Approved December 20, 2006.

LEGISLATIVE HISTORY—H.R. 6111: CONGRESSIONAL RECORD, Vol. 152 (2006): Dec. 5, considered and passed House. Dec. 7, considered and passed Senate, amended. Dec. 8, House concurred in Senate amendment with amendments. Senate concurred in House amendments. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 42 (2006): Dec. 20, Presidential remarks and statement.

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