7 U.S.C. § 8737: Special marketing loan provisions for upland cotton

In this subsection, the term “special import quota” means a quantity of imports that is not subject to the over-quota tariff rate of a tariff-rate quota. The President shall carry out an import quota program during the period beginning on the date of enactment of this Act through July 31, 2013 , as provided in this subsection. Whenever the Secretary determines and announces that for any consecutive 4-week period, the Friday through Thursday average price quotation for the lowest-priced United States growth, as quoted for Middling (M) 1 3 ⁄ 32 -inch cotton, delivered to a definable and significant international market, as determined by the Secretary, exceeds the prevailing world market price, there shall immediately be in effect a special import quota. The quota shall be equal to 1 week’s consumption of cotton by domestic mills at the seasonally adjusted average rate of the most recent 3 months for which data are available. The quota shall apply to upland cotton purchased not later than 90 days after the date of the Secretary’s announcement under paragraph (2) and entered into the United States not later than 180 days after that date. A special quota period may be established that overlaps any existing quota period if required by paragraph (2), except that a special quota period may not be established under this subsection if a quota period has been established under subsection (b). section 2703(d) of title 19 ; section 3203 of title 19 ; section 2463(d) of title 19 ; and General Note 3(a)(iv) to the Harmonized Tariff Schedule. The quantity of cotton entered into the United States during any marketing year under the special import quota established under this subsection may not exceed the equivalent of 10 week’s consumption of upland cotton by domestic mills at the seasonally adjusted average rate of the 3 months immediately preceding the first special import quota established in any marketing year. the carry-over of upland cotton at the beginning of the marketing year (adjusted to 480-pound bales) in which the quota is established; production of the current crop; and imports to the latest date available during the marketing year. the average seasonally adjusted annual rate of domestic mill consumption of cotton during the most recent 3 months for which data are available; and average exports of upland cotton during the preceding 6 marketing years; or cumulative exports of upland cotton plus outstanding export sales for the marketing year in which the quota is established. The term “limited global import quota” means a quantity of imports that is not subject to the over-quota tariff rate of a tariff-rate quota. The quantity of the quota shall be equal to 21 days of domestic mill consumption of upland cotton at the seasonally adjusted average rate of the most recent 3 months for which data are available or as estimated by the Secretary. If a quota has been established under this subsection during the preceding 12 months, the quantity of the quota next established under this subsection shall be the smaller of 21 days of domestic mill consumption calculated under subparagraph (A) or the quantity required to increase the supply to 130 percent of the demand. section 2703(d) of title 19 ; section 3203 of title 19 ; section 2463(d) of title 19 ; and General Note 3(a)(iv) to the Harmonized Tariff Schedule. When a quota is established under this subsection, cotton may be entered under the quota during the 90-day period beginning on the date the quota is established by the Secretary. Notwithstanding paragraph (2), a quota period may not be established that overlaps an existing quota period or a special quota period established under subsection (a).