Presidential proclamations of temporary import surcharges and temporary limitations on imports through quotas in situations of fundamental international payments problems
Whenever fundamental international payments problems require special import measures to restrict imports—
(1)#
to deal with large and serious United States balance-of-payments deficits.
(2)#
to prevent an imminent and significant depreciation of the dollar in foreign exchange markets, or
(3)#
to cooperate with other countries in correcting an international balance-of-payments disequilibrium,
(A)#
a temporary import surcharge, not to exceed 15 percent ad valorem, in the form of duties (in addition to those already imposed, if any) on articles imported into the United States;
(B)#
temporary limitations through the use of quotas on the importation of articles into the United States; or
(C)#
both a temporary import surcharge described in subparagraph (A) and temporary limitations described in subparagraph (B).
The authority delegated under subparagraph (B) (and so much of subparagraph (C) as relates to subparagraph (B)) may be exercised (i) only if international trade or monetary agreements to which the United States is a party permit the imposition of quotas as a balance-of-payments measure, and (ii) only to the extent that the fundamental imbalance cannot be dealt with effectively by a surcharge proclaimed pursuant to subparagraph (A) or (C). Any temporary import surcharge proclaimed pursuant to subparagraph (A) or (C) shall be treated as a regular customs duty.