19 U.S.C. § 2135 — Termination and withdrawal authority

(a) Grant of authority for termination or withdrawal at end of period specified in agreement. Every trade agreement under this chapter may be ended, in whole or in part, or the United States may withdraw from it, after the notice required by the agreement and at the end of the period the agreement specifies. That period may not be longer than three years after the agreement becomes effective. If the agreement is not ended or withdrawn from at that time, it may later be ended or withdrawn from with no more than six months’ notice.

(b) Authority to terminate proclamations at any time. The President may end, in whole or in part, any proclamation made under this chapter at any time.

(c) Increased duties or other import restrictions after withdrawal, suspension, or modification of obligations concerning foreign trade. If the United States, exercising rights or duties under a trade agreement made under this chapter, section 1821, or section 1351, withdraws, suspends, or changes an obligation concerning trade with a foreign country or one of its instrumentalities, the President may proclaim increased duties or other import restrictions to the extent, at the times, and for the periods he considers necessary or appropriate to exercise United States rights or fulfill United States obligations. A proclamation under this subsection may not raise an existing duty^* above the higher of these two limits: 50 percent above the rate in rate column 2 of the Tariff Schedules of the United States in effect on January 1, 1975; or 20 percent ad valorem^* above the rate existing on January 1, 1975.

(d) Retaliatory authority. If a foreign country or its instrumentality withdraws, suspends, or changes trade-agreement obligations benefiting the United States without providing adequate compensation, the President may act under United States trade-agreement rights, and to the extent necessary to protect United States economic interests, including the United States balance of payments, by—
(1) withdrawing, suspending, or changing substantially equivalent trade-agreement obligations benefiting that foreign country or instrumentality; and
(2) proclaiming under subsection (c) increased duties or other import restrictions appropriate to obtain adequate compensation from that foreign country or instrumentality.

(e) Continuing duties or other import restrictions after an agreement ends or the United States withdraws. Duties or other import restrictions required or appropriate to carry out a trade agreement under this chapter, section 1821, or section 1351 are not affected when the agreement ends, in whole or in part, or the United States withdraws. They remain in effect for one year after the ending or withdrawal, unless the President proclaims that the rates must return to the level they would have had without the agreement. Within 60 days after the ending or withdrawal, the President must send Congress recommendations for appropriate duty rates for every article affected by it, or that would have been affected but for the preceding sentence.

(f) Public hearings. Before acting under subsection (b), (c), or (d), the President must provide a public hearing. Interested people must have a reasonable chance to attend, present evidence, and be heard. This prior hearing is not required if the President decides it would conflict with the national interest because action must be taken quickly. In that event, the President must provide a hearing promptly after taking the action.