95 STAT. 1846
19 USC 1202
PROCLAMATION 4876—OCT. 20, 1981
The United States, inter alia, agreed to reduce its 5 percent ad valorem duty on bovine leather provided for in item 121.61 of the Tariff Schedules of the United States (TSUS) in accordance with the following schedule:
note. Percent ad valorem October 1, 1979 October 1, 1980 October 1, 1981
2 1 Free
3. The United States has complied with the terms of the Agreement. In October 1980, Argentina reduced its export tax to 10 percent, but has failed to reduce it further as required by the Agreement. The Government of Argentina has informed the United States that it does not intend to meet its obligations for further reductions in the export tax. 4. Argentina's breach of the Agreement constitutes a suspension of the application of trade agreement obligations of benefit to the United States. Adequate compensation has not been received therefor. The action taken by this proclamation is necessary to protect the economic interest of the United States. 5. Section 125(d}(l) of the Trade Act of 1974 (the Trade Act) (19 U.S.C. 2135(d)(1)) authorizes the President to withdraw, suspend, or modify the application of trade agreement obligations which are substantially equivalent to those which have been withdrawn, suspended, or modified by a foreign country, and to proclaim under section 125(c) of the Trade Act such import restrictions as are appropriate to effect adequate compensation from that foreign country or instrumentality. 6. Section 125(f) of the Trade Act requires the President to provide the opportunity for interested parties to present views at a public hearing prior to taking action pursuant to Section 125(d)(1). Such an opportunity was presented by scheduling such a hearing for September 28, 1981, at the Office of the United States Trade Representative (USTR).
19 USC 1202 iiote.
7. I have decided, pursuant to section 125(d)(1) of the Trade Act, to suspend the application of the Agreement insofar as it requires the United States to reduce its duty on bovine leather imports provided for in item 121.61 of the TSUS to free, and to modify the TSUS pursuant to Section 125(c) of the Trade Act to provide a one percent ad valorem column 1 rate of duty on such bovine leather imports. NOW, THEREFORE, I, RONALD REAGAN, President of the United States of America, acting under the authority vested in me by the Constitution and the statutes of the United States, including Sections 125 and 604 of the Trade Act of 1974 (19 U.S.C. 2135 and 2483), do proclaim that: (1) The application of the obligation of the United States pursuant to the Agreement to reduce its column 1 rate of duty on certain bovine leather imports to free as implemented by Proclamation 4694, is hereby suspended for and until such time as the USTR makes a determination (pubhshed in the Federal Register) that Argentina is in compliance with the Agreement or has otherwise granted adequate compensation for the breach thereof.
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