1. (a) Determination by President; trade agreements; 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 any of the purposes stated in section 1801 of this title will be promoted thereby, the President may—

   1. (1) after June 30, 1962, and before July 1, 1967, enter into trade agreements with foreign countries or instrumentalities thereof; and
   2. (2) proclaim such modification or continuance of any existing duty or other import restriction, such continuance of existing duty-free or excise treatment, or such additional import restrictions, as he determines to be required or appropriate to carry out any such trade agreement.

2. (b) Restrictions on decrease or increase in rate of duty Except as otherwise provided in this subchapter, no proclamation pursuant to subsection (a) shall be made—

   1. (1) decreasing any rate of duty to a rate below 50 percent of the rate existing on July 1, 1962; or
   2. (2) increasing any rate of duty to (or imposing) a rate more than 50 percent above the rate existing on July 1, 1934.

(Pub. L. 87–794, title II, § 201, Oct. 11, 1962, 76 Stat. 872.)

Statutory Notes and Related Subsidiaries

Wood-Wind and Parts of Wood-Wind Instruments

Pub. L. 90–234, § 2(b)(2), Dec. 30, 1967, 81 Stat. 752, provided that:

“The amendments made by the first section of this Act, insofar as such amendments relate to items 725.24 and 726.70 of the Tariff Schedules of the United States, shall not affect the authority of the President contained in section 201(a)(2) of the Trade Expansion Act of 1962 [subsec. (a)(2) of this section].”

Dicyandiamide and Limestone: Duty-Free Entry

Duty-free treatment pursuant to this chapter of dicyandiamide in item 425.40 and limestone when imported for use in manufacture of cement in item 513.34 of the Tariff Schedules of the United States, by provision for non-application of subsec. (b)(1) of this section, see section 1823 of this title.