12 2 STA T . 1 690PUBLIC LA W 110 – 2 4 6 —J U NE 1 8, 2008 (D)Gen e ralNot e 3 (a)( iv )tot h e H ar m oni z e dT ari f f Sc hed u le . ( 7 ) LIM I TA TI ON . — The q uantit y of cotton entered into the U nited State s durin g any mar k eting year under the s p ecial import quota esta b lished under this subsection may not e x ceed the equivalent of 10w eek ’ s consumption of upland cotton by domestic mills at the seasonally ad j usted average rate of the 3 months immediately preceding the first special import quota established in any marketing year. (b) LIMIT ED G L O B AL I M P O R T QU OTA F OR UPLAND C OTTON.— (1) DEFINITION S .—In this subsection
( A ) SUPPL Y .—The term ‘ ‘supply’’ means , using the latest official data of the B ureau of the Census, the Depart - ment of Agriculture, and the Department of the Treasury— (i) the carry-over of upland cotton at the beginning of the marketing year (adjusted to 48 0-pound bales) in which the quota is established
(ii) production of the current crop; and (iii) imports to the latest date available during the marketing year. (B) DEMAND.—The term ‘‘demand’’ means— (i) the average seasonally adjusted annual rate of domestic mill consumption of cotton during the most recent 3 months for which data are available; and (ii) the larger of— (I) average exports of upland cotton during the preceding 6 marketing years; or (II) cumulative exports of upland cotton plus outstanding export sales for the marketing year in which the quota is established. (C) LIMITED G LOBAL IMPORT Q UOTA.—The term ‘‘limited global import quota’’ means a quantity of imports that is not subject to the over-quota tariff rate of a tariff-rate quota. ( 2 ) P ROGRAM.—The President shall carry out an import quota program that provides that whenever the Secretary deter- mines and announces that the average price of the base quality of upland cotton, as determined by the Secretary, in the des- ignated spot markets for a month exceeded 130 percent of the average price of the quality of cotton in the markets for the preceding 36 months, notwithstanding any other provision of law, there shall immediately be in effect a limited global import quota subject to the following conditions: (A) QUANTITY.—The quantity of the quota shall be equal to 21 days of domestic mill consumption of upland cotton at the seasonally adjusted average rate of the most recent 3 months for which data are available or as esti- mated by the Secretary. (B) QUANTITY IF PRIOR QUOTA.—If a quota has been established under this subsection during the preceding 12 months, the quantity of the quota next established under this subsection shall be the smaller of 21 days of domestic mill consumption calculated under subparagraph (A) or the quantity required to increase the supply to 130 percent of the demand. Presid e nt.
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