INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [62 STAT. event that such tariff barriers are imposed, it is understood that such undertakings shall be without prejudice to the application of the prin- ciples set forth in the Havana Charter for an International Trade Organization [1] relating to the reduction of tariffs on a mutually ad- vantageous basis. 4. It is recognized that the absence of a uniform rate of exchange for the currency of the areas in western Germany, Japan or southern Korea referred to in point 1 above may have the effect of indirectly subsidizing the exports of such areas to an extent which it would be difficult to calculate exactly. So long as such a condition exists, and if consultation with the Government of the United States of America fails to reach an agreed solution to the problem, it is understood that it would not be inconsistent with the undertaking in point 1 for thQ Government of Iceland to levy a countervailing duty on imports of such goods equivalent to the estimated amount of such subsidization, where the Government of Iceland determines that the subsidization is such as to cause or threaten material injury to an established domestic industry or is such as to prevent or materially retard the establishment of a domestic industry. Duration. 5. The undertakings in this note shall remain in force until January 1, 1951, and unless at least six months before January 1, 1951, either Government shall have given notice in writing to the other of intention to terminate these undertakings on that date, they shall remain in force thereafter until the expiration of six months from the date on which such notice shall have been given. Accept, Excellency, the renewed assurances of my highest con- sideration. RICHARD P. BUTrICK. His Excellency BJARNI BENFDIIKTSSON, Minister for Foreign Affairs, Reykjavik. 'Department of State publication 3117.
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