Page:United States Statutes at Large Volume 72 Part 1.djvu/715

 72 S T A T. ]

673

PUBLIC LAW 85-686-AUG. 20, 1958

Public Law 85-686 AN ACT To extend the authority of the President to enter into trade agreements under section 350 of the Tariff Act of 1930, as amended, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act maybe cited as the "Trade Agreements Extension Act of 1958". SEC. 2. The period during which the President is authorized to enter into foreign trade agreements under section 350 of the Tariff Act of 1930, as amended (19 U.S.C. sec. 1351), is hereby extended from the close of June 30, 1958, until the close of June 30, 1962. SEC. 3. (a) Subsection (a) of section 350 of the Tariff Act of 1930, as amended (19 U.S.C. sec. 1351 (a)), is amended as follows: (1) Paragraph (2)(A) is amended to read as follows: " (A) Increasing by more than 50 per centum any rate of duty existing on July 1, 1934; except that a specific rate of duty existing on July 1, 1934, may be converted to its ad valorem equivalent based on the value of imports of the article concerned during the calendar year 1934 (determined in the same manner as provided in subparagraph (D) (ii)) and the proclamation may provide an ad valorem rate of duty not in excess of 50 per centum above such ad valorem equivalent." (2) Paragraph (2)(D) is amended by inserting "and before July 1, 1958," after "June 12, 1955,". (3) The last sentence of paragraph (2)(D) (ii) is amended by striking out "section 402 of this Act (as in effect" and inserting in lieu thereof "section 402 or 402a of this Act (as in effect, with respect to the article concerned,". (4) Paragraph (2) is amended by adding at the end thereof the following new subparagraph: " (E) In order to carry out a foreign trade agreement entered into by the President on or after July 1, 1958, decreasing any rate of duty below the lowest of the rates provided for in paragraph (4)(A) of this subsection." (5) Paragraph (3)(A) is amended (A) by striking out "of subparagraphs (B) and (C) of this paragraph," and by inserting in lieu thereof "of subparagraphs (B) and (C) of this paragraph and of subparagraph (B) of paragraph (4) of this subsection,", and (B) by striking out "suspension under paragraph (4) " and by inserting in lieu thereof "suspension under paragraph (5)". (6) Paragraph (3)(D) is amended by striking out "paragraph (2)(C) or (D) " and by inserting in lieu thereof "paragraph (2) {C) or (D) or paragraph (4)(A) or (B) ". (7) Paragraphs (4) and (5) are renumbered as paragraphs (5) and (6). respectively. (8) Subsection (a) is amended by inserting after paragraph (3) the following new paragraph: "(4)(A) No proclamation pursuant to paragraph (1)(B) of this subsection shall be made, in order to carry out a foreign trade agreement entered into by the President on or after July 1, 1958, decreasing any rate of duty below the lowest of the following rates: " (i) The rate which would result from decreasing the rate existing on July 1, 1958, by 20 per centum of such rate. "(ii) Subject to paragraph (2)(B) of this subsection, the rate 2 per centum ad valorem below the rate existing on July 1, 1958. _ "(iii) The rate 50 per centum ad valorem or, in the case of any article subject to a specific rate of duty or to a combination

August 20, 1958 [H.R. 12591]

Trade Agreem e n t s Extension Act of 1958.

69 Stat. 162.

69 Stat. 1163. Duty increase. Authorization.

46 Stat. 708; 70 Stat. 943. 19 USC 1402, 1401a.

Reduction authority.

Limitations.

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