Page:United States Statutes at Large Volume 96 Part 2.djvu/969

 PUBLIC LAW 97-446—JAN. 12, 1983

96 STAT. 2331

(B) after such aircraft was operational, (3) is returned to the United States after being so exported without having been advanced in value or improved in condition by any process of manufacture or other means while abroad, and (4) was entered for consumption before 1970, the rate of duty provided for in item 694.40 on the date of such entry shall, notwithstanding any other provision of law, be assessed upon the full value of such aircraft less the value of such components and materials; and such entry shall, notwithstanding the provisions of section 514 of the Tariff Act of 1930 or any other provision of law, be 19 USC 1514. reliquidated on the basis of such assessment. For the purposes of this section, the value of any such component or material is the cost of such component or material at the time of installation in the aircraft plus the cost of such installation. SEC. 110. WATCHES. (a) PRODUCTS OP INSULAR POSSESSIONS DEFINED.—Paragraph (a)(i)

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of headnote 3 of the General Headnotes and Rules of Interpretation "°*® is amended by striking out "(or more than 70 percent of the total value with respect to watches and watch movements)". (b) RATE OF DUTY ON WATCHES.—Headnote 6 of schedule 7, part 2, subpart E is amended— (1) by striking out "paragraph (b)" in paragraph (a) and inserting in lieu thereof "paragraphs O> through (h)"; and t) (2) by striking out "an insular possession of the United States outside the customs territory of the United States" in paragraph (a), and inserting in lieu thereof "the Virgin Islands, Guam, and American Samoa (hereinafter referred to as the 'insular possessions')"; and (3) by striking our paragraphs 0)) through (d) and inserting in lieu thereof the following new paragraphs: "(b) Watches and watch movements produced or manufactured in a United States insular possession which contain any foreign component may be admitted free of duty without regard to the value of the foreign materials such watches contain if they conform with the provisions of this headnote, but the total quantity of such articles entered free of duty shall not exceed the amounts established by or pursuant to paragraph (c) of this headnote. "(c) Notwithstanding the provisions of paragraph (b) of this headnote, the provisions of this headnote and the benefits thereunder shall not apply to any article containing any material which is the product of any country with respect to which column 2 rates of duty apply. "(d)(i) In calendar year 1983 the total quantity of such articles which may be entered free of duty shall not exceed 4,800,000 units. "(ii) In subsequent calendar years, the Secretary of Commerce and Limitations. the Secretary of the Interior (hereinafter referred to as the "Secretaries"), acting jointly, shall establish a limit on the quantity which may be entered free of duty during the calendar year, and shall consider whether such limit is in the best interest of the insular possessions and not inconsistent with domestic or internationed trade policy considerations. The quantity the Secretaries establish in any calendar year under this paragraph shall not— "(I) exceed 10,000,000 units, or one-ninth of apparent domestic consumption (as determined by the International Trade 0)m-

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