Page:United States Statutes at Large Volume 88 Part 2.djvu/670

 1986

PUBLIC LAW 93-618-JAN. 3, 1975

[SS STAT.

(b) If the President determines that such action will simplify the computation of the amount of duty imposed with respect to an article, he may exceed the limitation provided by section 101(b) or subsection (a) of this section by not more than whichever of the following is lesser: (1) the difference between the limitation and the next lower whole number, or (2) one-half of 1 percent ad valorem. du^tio^n'^^effective (^) (1) ^ ^ Teduction m the rate of duty on any article pursuant to date! "' ^ "" ^^ r* trade agreement under section 101 shall take effect more than 10 years after the effective date of the first reduction proclaimed to carry out such trade agreement with respect to such article. (2) If any part of a reduction takes effect, then any time thereafter during which such p a i t of the reduction is not in effect by reason of legislation of the United States or action thereunder, the effect of which is to maintain or increase the rate of duty on an article, shall be excluded in determining— (A) the 1-year intervals referred to in subsection (a)(2), and (B) the expiration of the 10-year period referred to in paragraph (1) of this subsection.

CHAPTER 2—OTHER AUTHORITY 19 USC 2131.

8 usT 1767. 8 UST 1786.

SEC. 121. STEPS TO BE TAKEN TOWARD GATT REVISION; AUTHORIZATION OF APPROPRIATIONS FOR GATT.

(a) The President shall, as soon as practicable, take such action as may be necessary to bring trade agreements heretofore entered into, and the application thereof, into conformity with principles promoting the development of an open, nondiscriminatory, and fair world economic system. The action and principles referred to in the preceding sentence include, but are not limited to, the following— (1) the revision of decisionmaking procedures in the General Agreement on Tariffs and Trade (hereinafter in this subsection referred to as "GATT") to more nearly reflect the balance of economic interests, (2) the revision of article X IX of the G A T T into a truly international safeguard procedure which takes into account all forms of import restraints countries use in response to injurious competition or threat of such competition, (3) the extension of G A T T articles to conditions of trade not presently covered in order to move toward more fair trade practices, (4) the adoption of international fair labor standards and of public petition and confrontation procedures in the GATT, (5) the revision of G A T T articles with respect to the treatment of border adjustments for internal taxes to redress the disadvantage to countries relying primarily on direct rather than indirect taxes for revenue needs, (6) the revision of the balance-of-payments provision in the G A T T articles so as to recognize import surcharges as the preferred means by which industrial countries may handle balanceof-payments deficits insofar as import restraint measures are required, (7) the improvement and strengthening of the provisions of G A T T and other international agreements governing access to supplies of food, raw materials, and manufactured or semimanufactured products, including rules and procedures governing the imposition of export controls, the denial of fair and equitable access to such supplies, and effective consultative procedures on problems of supply shortages.

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