12 2 STA T .96 2 PUBLIC LA W 11 0– 2 34—M A Y 22 , 200 8(i i )product io n o f t he current crop
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nd (iii) i m port s to the l atest date a v aila b le durin g the mar k eting y ear . ( B ) DEMAND . —T he term ‘ ‘demand ’ ’ means— (i) the average seasonally ad j usted annual rate of domestic mill consumption of cotton during the most recent 3 months for w hich data are available; and (ii) the larger of— ( I ) average e x ports 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 q uota is established. ( C ) LI MI T ED GLOB AL IM P O R T QU OTA.—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 S ecretary 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 1 3 0 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 ) Q UANTIT Y .—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 I F 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. (C) PREFERENTIAL TARIFF TREATMENT.—The quantity under a limited global import quota shall be considered to be an in-quota quantity for purposes of— (i) section 213(d) of the Caribbean Basin E conomic R ecovery Act (1 9U .S.C. 2 7 03(d)); (ii) section 20 4 of the Andean Trade Preference Act (19 U.S.C. 3203); (iii) section 5 03(d) of the Trade Act of 1974 (19 U.S.C. 2463(d)); and (iv) G eneral N ote 3(a)(iv) to the H armoni z ed Tariff Schedule. (D) QUOTA ENTRY PERIOD.— W hen a quota is estab- lished under this subsection, cotton may be entered under the quota during the 90-day period beginning on the date the quota is established by the Secretary. (3)NOO V ERLAP.—Notwithstanding paragraph (2), a quota period may not be established that overlaps an existing quota period or a special quota period established under subsection (a). Presid e nt.
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