Page:United States Statutes at Large Volume 69.djvu/207

 69

STAT.]

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

"(5) The President may at any time terminate, in whole or in part, any proclamation made pursuant to this section." (b) The last sentence of section 350(b) of the Tariff Act of 1930, as amended (19 U.S.C. sec. 1351 (b)), is hereby amended to read as follows: "No rate of duty on products of Cuba shall be decreased— "(1) In order to carry out a foreign trade agreement entered into by the President before June 12, 1955, by more than 50 per centum of the rate of duty existing on January 1, 1945, with respect to products of Cuba. "(2) In order to carry out a foreign trade agreement entered into by the President on or after June 12, 1955, below the applicable alternative specified in subsection (a)(2)(C) or (D) (subject to the provisions of subsection (a)(3)(B), (C), and (D)), each such alternative to be read for the purposes of this paragraph as relating to the rate of duty applicable to products of Cuba. With respect to products of Cuba, the limitation of subsection (a)(2)(D) (ii) may be exceeded to such extent as may be required to maintain an absolute margin of preference to which such products are entitled." (c) Subsection (c) of section 350 of the Tariff Act of 1930, as amended (19 U.S.C. sec. 1351 (c)), is hereby amended by inserting " (1) " after " (c) ", by striking out " (1) " and inserting in lieu thereof " (A) ", by striking out " (2) " and inserting in lieu thereof " (B) ", and by adding at the end thereof the following new paragraph: " (2) For purposes of this section— " (A) Except as provided in subsection (d), the terms 'existing on January 1, 1945' and 'existing on January 1, 1955' refer to rates of duty (however established, and even though temporarily suspended by Act of Congress or otherwise) existing on the date specified, except rates in effect by reason of action taken pursuant to section 5 of the Trade Agreements Extension Act of 1951 (19 U.S.C. sec. 1362). " (B) The term 'existing' without the specification of any date, when used with respect to any matter relating to the conclusion of, or proclamation to carry out, a foreign trade agreement, means existing on the day on which that trade agreement is entered into." (d) Section 350 of the Tariff Act of 1930, as amended (19 U.S.C. sec. 1351), is hereby amended by adding at the end thereof the following new subsection: "(e)(1) The President shall submit to the Congress an annual report on the operation of the trade agreements program, including information regarding new negotiations, modifications made in duties and import restrictions of the United States, reciprocal concessions obtained, modifications of existing trade agreements in order to effectuate more fully the purposes of the trade agreements legislation (including the incorporation therein of escape clauses), and other information relating to that program and to the agreements entered into thereunder. "(2) The Tariff Commission shall at all times keep informed concerning the operation and effect of provisions relating to duties or other import restrictions of the United States contained in trade agreements heretofore or hereafter entered into by the President under the authority of this section. The Tariff Commission, at least once a year, shall submit to the Congress a factual report on the operation of the trade-agreements program." SEC. 4. Subsection (b) of section 6 of the Trade Agreements Extension Act of 1951, as amended (19 U.S.C. sec. 1363 (b)), is hereby amended by striking out the second sentence thereof.

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Cuban productsa 63 Stat. 698.

Definitions. 48 Stat. 944.

59 Stat. 4 1 1. 19 USC 1351 (d).

65 Stat. 73.

48 Stat. 943.

Reports to Congress.

65 Stat. 73.

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