Page:United States Statutes at Large Volume 69.djvu/206

 164

PUBLIC LAW 8 6 - J U N E 21, 1955

E f f e c t i v i t y of duty modifications.

Decreases duty.

in

Authority to ex> c e e d limitation.

Applicability. 65 Stat. 73.

[69

STAT.

period. The standards of valuation contained in section 402 of this Act (as in effect during the representative period) shall be utilized by the President, to the maximum extent he finds such utilization practicable, in making the determinations under the preceding sentence. "(3)(A) Subject to the provisions of subparagraphs (B) and (C) of this paragraph, the provisions of any proclamation made under paragraph (1)(B) of this subsection, and the provisions of any l)roclamation of suspension under paragraph (4) of this subsection, shall be in effect from and after such time as is specified in the proclamation. " (B) In the case of any decrease in duty to which paragraph (2) (D) of this subsection applies— "(i) if the total amount of the decrease under the foreign trade agreement does not exceed 15 per centum of the rate existing on January 1, 1955, the amount of decrease becoming initially effective at one time shall not exceed 5 per centum of the rate existing on January 1, 1955; " (ii) except as provided in clause (i), not more than one-third of the total amount of the decrease under the foreign trade agreement shall become initially effective at one time; and "(iii) no part of the decrease after the first part shall become initially effective until the immediately previous part shall have been in effect for a period or periods aggregating not less than one year, " (C) No part of any decrease in duty to which the alternative specified in paragraph (2)(D)(i) of this subsection applies shall become initially effective after the expiration of the three-year period which begins on July 1, 1955. If any part of such decrease has become effective, then for purposes of this subparagraph any time thereafter during which such part of the decrease is not in effect by reason of legislation of the United States or action thereunder shall be excluded in determining when the three-year period expires. " (D) If (in order to carry out a foreign trade agreement entered into by the President on or after June 12, 1955) the President determines that such action will simplify the computation of the amount of duty imposed with respect to an article, he may exceed any limitation specified in paragraph (2)(C) or (D) of this subsection or subparagraph (B) of this paragraph by not more than whichever of the following is lesser: "(i) The difference between the limitation and the next lower whole number, or "(ii) One-half of 1 per centum ad valorem. I n the case of a specific rate (or of a combination of rates which includes a specific rate), the one-half of 1 per centum specified in clause (ii) of the preceding sentence shall be determined in the same manner as the ad valorem equivalent of rates not stated wholly in ad valorem terms is determined for the purposes of paragraph (2)(D) (ii) of this subsection. "(4) Subject to the provisions of section 5 of the Trade Agreements Extension Act of 1951 (19 U.S.C. sec. 1362), duties and other import restrictions proclaimed pursuant to this section shall apply to articles the growth, produce, or manufacture of all foreign countries, whether imported directly or indirectly: Provided, That the President shall, as soon as practicable, suspend the application to articles the growth, produce, or manufacture of any country because of its discriminatory treatment of American commerce or because of other acts (including the operations of international cartels) or policies which in his opinion tend to defeat the purpose of this section.

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