The bill extends this authority to July 1. 1973. It also provides that the President may reduce existing import duties by up to 2 percent as a part of any trade agreement he concludes. Title I. section 104. freezes the current oil import quota system into law. It provides that the quota system with respect to oil shall not be modified by the imposition of any import duty or fee as a replacement for the present quota system. With respect to assistance to those domestic firms and employees damaged by increased imports. the bill amends existing law to require the Tariff Commission or the President to determine if increased imports "contribute substantially" to causing serious injury. If so. and if injury is found to have in fact occurred. the President is required to take such action as he deems necessary to prevent or remedy the injury.
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quota system