7 USC 8737 - Special marketing loan provisions for upland cotton

View all text of Subchapter II [§ 8731 - § 8740]

§ 8737. Special marketing loan provisions for upland cotton

(a) Special import quota

(1) Definition of special import quota

(2) Establishment

(A) In general

(B) Program requirements

(3) Quantity

(4) Application

(5) Overlap

(6) Preferential tariff treatmentThe quantity under a special import quota shall be considered to be an in-quota quantity for purposes of—

(A)section 2703(d) of title 19;

(B)section 3203 of title 19;

(C)section 2463(d) of title 19; and

(D) General Note 3(a)(iv) to the Harmonized Tariff Schedule.

(7) Limitation

(b) Limited global import quota for upland cotton

(1) DefinitionsIn this subsection:

(A) SupplyThe term “supply” means, using the latest official data of the Bureau of the Census, the Department 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;

(ii) production of the current crop; and

(iii) imports to the latest date available during the marketing year.

(B) DemandThe 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.

(2) ProgramThe President shall carry out an import quota program that provides that whenever the Secretary determines and announces that the average price of the base quality of upland cotton, as determined by the Secretary, in the designated 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

(B) Quantity if prior quota

(C) Preferential tariff treatmentThe quantity under a limited global import quota shall be considered to be an in-quota quantity for purposes of—

(i)section 2703(d) of title 19;

(ii)section 3203 of title 19;

(iii)section 2463(d) of title 19; and

(iv) General Note 3(a)(iv) to the Harmonized Tariff Schedule.

(D) Quota entry period

(3) No overlap

(Pub. L. 110–234, title I, § 1207, May 22, 2008, 122 Stat. 960; Pub. L. 110–246, § 4(a), title I, § 1207, June 18, 2008, 122 Stat. 1664, 1689; Pub. L. 115–334, title I, § 1203(a), Dec. 20, 2018, 132 Stat. 4510.)