7 USC 9037 - Special marketing loan provisions for upland cotton

View all text of Subchapter II [§ 9031 - § 9040]

§ 9037. 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) 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 official data of the Department of Agriculture are available or, in the absence of sufficient data, as estimated by the Secretary; 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.

(B) Limited global import quota

(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.

(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

(1) In general

(2) Value of assistance

(3) Allowable purposes

(4) Review or audit

(5) Improper use of assistanceIf the Secretary determines, after a review or audit of the records of the domestic user, that economic adjustment assistance under this subsection was not used for the purposes specified in paragraph (3), the domestic user shall be—

(A) liable for the repayment of the assistance to the Secretary, plus interest, as determined by the Secretary; and

(B) ineligible to receive assistance under this subsection for a period of 1 year following the determination of the Secretary.

(Pub. L. 113–79, title I, § 1207, Feb. 7, 2014, 128 Stat. 682; Pub. L. 115–334, title I, § 1203(b), Dec. 20, 2018, 132 Stat. 4510.)