12 2 STA T .96 1 PUBLIC LA W 11 0– 2 34—M A Y 22 , 200 8(1)DEFIN I T I O NOF SP E C I AL I M PO R T QU OTA .—Inthis s ub- s ec ti o n , the te rm‘ ‘s p eci al import q uota ’ ’ means a quantit y o f imports that is not sub j ecttotheo v er-quota tariff rate of a tariff-rate quota. ( 2 ) E STA B LIS H MENT.— ( A )IN G ENERAL.— T he P resi d ent shall carry out an import quota pro g ram during the period beginning on the date of enactment of this Act through J uly 3 1,2 0 13, as provided in this subsection. ( B ) PROGRAM REQUIREMENTS.— W henever the S ecretary determines and announces that for any consecutive 4 - w ee k period, the F riday through Thursday average price quotation for the lowest-priced U nited States growth, as quoted for M iddling (M) 1 3⁄ 3 2 -inch cotton, delivered to a definable and significant international market, as deter- mined by the Secretary, e x ceeds the prevailing world market price, there shall immediately be in effect a special import quota. (3) Q UANTIT Y .—The quota shall be equal to 1 week’s consumption of cotton by domestic mills at the seasonally adjusted average rate of the most recent 3 months for which data are available. (4) APPLICATION.—The quota shall apply to upland cotton purchased not later than 9 0 days after the date of the Sec- retary’s announcement under paragraph (2) and entered into the United States not later than 1 8 0 days after that date. ( 5 ) OV ERLAP.—A special quota period may be established that overlaps any existing quota period if required by paragraph (2), except that a special quota period may not be established under this subsection if a quota period has been established under subsection (b). ( 6 ) PREFERENTIAL TARIFF TREATMENT.—The quantity under a special import quota shall be considered to be an in-quota quantity for purposes of— (A) section 213(d) of the C aribbean Basin Economic R ecovery Act (19 U.S.C. 2 7 03(d))
(B) section 204 of the Andean Trade Preference Act (19 U.S.C. 3203); (C) section 503(d) of the Trade Act of 1974 (19 U.S.C. 2463(d)); and (D) G eneral N ote 3(a)(iv) to the H armoni z ed Tariff Schedule. (7) L IMITATION.—The quantity of cotton entered into the United States during any marketing year under the special import quota established under this subsection may not exceed the equivalent of 10 week’s consumption of upland cotton by domestic mills at the seasonally adjusted average rate of the 3 months immediately preceding the first special import quota established in any marketing year. (b) LIMITE D GLOBAL IMPORT QUOTA FOR UPLAND COTTON.— (1) DEFINITIONS.—In this subsection
(A) SUPPLY.—The term ‘‘supply’’ means, using the latest official data of the Bureau 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 480-pound bales) in which the quota is established; Deadlin e s.Pr esiden t . T i m e p eri o d.
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