Page:United States Statutes at Large Volume 88 Part 2.djvu/673

 88 STAT. ]

PUBLIC LAW 93-618-JAN. 3, 1975

1989

(2) Notwithstanding paragraph (1), if the President determines that the purposes of this section will best be served by action against one or more countries having large or persistent balance-of-payments surpluses, he may exempt all other countries from such action. (3) After such time when there enters into force for the United States new rules regarding the application of surcharges as part of a reform of internationaly agreed balance-of-payments adjustment procedures, the exemption authority contained in paragraph (2) shall be applied consistently with such new international rules. (4) I t is the sense of Congress that the President seek modifications in international agreements aimed at allowing the use of surcharges in place of quantitative restrictions (and providing rules to govern the use of such surcharges) as a balance-of-payments adjustment measure within the context of arrangements for an equitable sharing of balance-of-payments adjustment responsibility among deficit and surplus countries. (e) Import restricting actions proclaimed pursuant to subsection (a) shall be of broad and uniform application with respect to product coverage except where the President determines, consistently with the purposes of this section, that certain articles should not be subject to import restricting actions because of the needs of the United States economy. Such exceptions shall be limited to the unavailability of domestic supply at reasonable prices, the necessary importation of raw materials, avoiding serious dislocations in the supply of imported goods, and other similar factors. In addition, uniform exceptions may be made where import restricting actions will be unnecessary or ineffective in carrying out the purposes of this section, such as with respect to articles already subject to import restrictions, goods in transit, or goods under binding contract. Neither the authorization of import restricting actions nor the determination of exceptions w4th respect to product coverage shall be made for the purpose of protecting individual domestic industries from import competition. (f) Any quantitative limitation proclaimed pursuant to subpara- Quantitative graph (B) or (C) of subsection (a) on the quantity or value, or both, ^"Jf'°"'^'"'"''^^" of an article— (1) shall permit the importation of a quantity or value which is not less than the quantity or value of such article imported into the United States from the foreign countries to which such limitation applies during the most recent period which the President determines is representative of imports of such article, and (2) shall take into account any increase since the end of such representative period in domestic consumption of such article and like or similar articles of domestic manufacture or production. (g) The President may at any time, consistent with the provisions of this section, suspend, modify, or terminate, in whole or in part, any proclamation under this section either during the initial 150-day period of effectiveness or as extended by subsequent Act of Congress. (h) No provision of law authorizing the termination of tariff concessions shall be used to impose a surcharge on imports into the United States. SEC. 123. COMPENSATION AUTHORITY. 19 USC 2133. (a) Whenever any action has been taken under section 203 to Post. p. 2015. increase or impose any duty or other import restriction, the President— (1) may enter into trade agreements with foreign countries or instrumentalities for the purpose of granting new concessions as

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