LIMITATIONS ON WAIVERS OF COMPETITIVE NEED LIMITATION.

SEC. 8001. LIMITATIONS ON WAIVERS OF COMPETITIVE NEED LIMITATION. Section 503(d)(4)(B) of the Trade Act of 1974 (19 U.S.C. 2463(d)(4)(B)) is amended—(1) by striking “The President” and inserting “(i) The President”;(2) by striking “(i) had” and inserting “(I) had” and by striking “(ii) had” and inserting “(II) had”; and(3) by adding at the end the following new clause:“(ii) Not later than July 1 of each year, the President should revoke any waiver that has then been in effect with respect to an article for 5 years or more if the beneficiary developing country has exported to the United States (directly or indirectly) during the preceding calendar year a quantity of the article—“(I) having an appraised value in excess of 1.5 times the applicable amount set forth in subsection (c)(2)(A)(ii) for that calendar year; or“(II) exceeding 75 percent of the appraised value of the total imports of that article into the United States during that calendar year.”.