19 U.S.C. § 2111 : US Code - Section 2111: Basic authority for trade agreements

Search 19 U.S.C. § 2111 : US Code - Section 2111: Basic authority for trade agreements

(a) Presidential authority to enter into agreement; modification or
continuance of existing duties
Whenever the President determines that any existing duties or
other import restrictions of any foreign country or the United
States are unduly burdening and restricting the foreign trade of
the United States and that the purposes of this chapter will be
promoted thereby, the President -
(1) during the 5-year period beginning on January 3, 1975, may
enter into trade agreements with foreign countries or
instrumentalities thereof; and
(2) may proclaim such modification or continuance of any
existing duty, such continuance of existing duty-free or excise
treatment, or such additional duties, as he determines to be
required or appropriate to carry out any such trade agreement.
(b) Limitation on authority to decrease duty
(1) Except as provided in paragraph (2), no proclamation pursuant
to subsection (a)(2) of this section shall be made decreasing a
rate of duty to a rate below 40 percent of the rate existing on
January 1, 1975.
(2) Paragraph (1) shall not apply in the case of any article for
which the rate of duty existing on January 1, 1975, is not more
than 5 percent ad valorem.
(c) Limitation on authority to increase duty
No proclamation shall be made pursuant to subsection (a)(2) of
this section increasing any rate of duty to, or imposing a rate
above, the higher of the following:
(1) the rate which is 50 percent above the rate set forth in
rate column numbered 2 of the Tariff Schedules of the United
States as in effect on January 1, 1975, or
(2) the rate which is 20 percent ad valorem above the rate
existing on January 1, 1975.