Sec. 2. Provision of duty-free treatment under Generalized System of Preferences only during periods of low unemployment in the United States
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Section 505 of the Trade Act of 1974 ( 19 U.S.C. 2465 ) is amended to read as follows: The President may provide duty-free treatment under this title only if the monthly seasonally adjusted unemployment rate in the United States, as determined by the Bureau of Labor Statistics of the Department of Labor, has been less than 4 percent, on average, during the preceding 6-month period. Not later than 30 days after the unemployment rate increases to a level higher than the level described in subsection (a), the President shall suspend the provision of duty-free treatment under this title until the unemployment rate decreases to the level described in subsection (a). .
The table of contents for the Trade Act of 1974 is amended by striking the item relating to section 505 and inserting the following: Sec. 505. Duty-free treatment provided only during periods of low unemployment in the United States. . The amendments made by this section take effect on the date that is 30 days after the date of the enactment of this Act.
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Sec. 2
Provision of duty-free treatment under Generalized System of Preferences only during periods of low unemployment in the United States
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