Sec. 8. Modifications to competitive need limitation
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Section 503 of the Trade Act of 1974 ( 19 U.S.C. 2463 ) is amended— in subsection (c)(2)— in subparagraph (A)(ii)— in subclause (I), by striking for 1996, $75,000,000 and inserting for calendar year 2023, $500,000,000 ; and in subclause (II), by striking $5,000,000 and inserting 2.5 percent of such applicable amount ; in subparagraph (C), by striking may, subject and inserting should, subject ; and in subparagraph (F)(ii)— in subclause (I), by striking for calendar year 1996, $13,000,000 and inserting for calendar year 2023, $50,000,000 ; and in subclause (II), by striking $500,000 and inserting 2.5 percent of such applicable amount ; in subsection (d)(4)(B), by adding at the end the following:
Clause (ii)(II) shall not apply with respect to any article if a like or directly competitive article was not produced in the United States in any of the preceding 3 calendar years. . The amendments made by subsection
(a)shall take effect on the date of the enactment of this Act. Not later than 120 days after the date of the enactment of this Act, the President shall— list each article with respect to which duty-free treatment was eliminated (as of the date of the enactment of this Act) pursuant to subsection
(c)of section 503 of the Trade Act of 1974 that is eligible for such treatment pursuant to such section 503 as amended by subsection
(a)of this section; and determine, with respect to each such article, whether the article is a potentially sensitive product that warrants review pursuant to subsection (c)(1) of such section 503 for the continued withholding of duty-free treatment. Except for articles for which the President makes an affirmative determination pursuant to subparagraph (A)(ii), the President shall restore duty-free treatment to each article included in the list described in subparagraph (A)(i) on such 120th day after date of enactment. The President shall review, pursuant to section 503(c)(1) of the Trade Act of 1974 ( 19 U.S.C. 2463(c)(1) ), whether duty-free treatment should continue to be withheld from each article for which the President makes an affirmative determination pursuant to paragraph (2)(A)(ii). Not later than 1 year after the date of the enactment of this Act, the President shall restore duty-free treatment to each article for which such review determines that such treatment should not be withheld. Not later than 1 year after the date of the enactment of this Act, the President shall submit to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate a report containing— the results of the reviews conducted pursuant to paragraph (3); and justifications for the reasons for which duty-free treatment was withheld or restored with respect to articles described in such paragraph.
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Sec. 8
Modifications to competitive need limitation
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