“(a) Definitions.—In this section:“(1) Applicable ntr (mfn) rate of duty.—The term ‘applicable NTR (MFN) rate of duty’ means, with respect to a safeguard good, a rate of duty equal to the lowest of—“(A) the base rate in the Schedule of the United States to Annex 2.3 of the Agreement;
“(B) the column 1 general rate of duty that would, on the day before the date on which the Agreement enters into force [Feb. 1, 2009], apply to a good classifiable in the same 8-digit subheading of the HTS as the safeguard good; or
“(C) the column 1 general rate of duty that would, at the time the additional duty is imposed under subsection (b), apply to a good classifiable in the same 8-digit subheading of the HTS as the safeguard good.
“(2) Schedule rate of duty.—The term ‘schedule rate of duty’ means, with respect to a safeguard good, the rate of duty for that good that is set forth in the Schedule of the United States to Annex 2.3 of the Agreement.
“(3) Safeguard good.—The term ‘safeguard good’ means a good—“(A) that is included in the Schedule of the United States to Annex 2.18 of the Agreement;
“(B) that qualifies as an originating good under section 203, except that operations performed in or material obtained from the United States shall be considered as if the operations were performed in, and the material was obtained from, a country that is not a party to the Agreement; and
“(C) for which a claim for preferential tariff treatment under the Agreement has been made.
“(b) Additional Duties on Safeguard Goods.—“(1) In general.—In addition to any duty proclaimed under subsection (a) or (b) of section 201, the Secretary of the Treasury shall assess a duty, in the amount determined under paragraph (2), on a safeguard good imported into the United States in a calendar year if the Secretary determines that, prior to such importation, the total volume of that safeguard good that is imported into the United States in that calendar year exceeds 130 percent of the volume that is provided for that safeguard good in the corresponding year in the applicable table contained in Appendix I of the General Notes to the Schedule of the United States to Annex 2.3 of the Agreement. For purposes of this subsection, year 1 in that table corresponds to the calendar year in which the Agreement enters into force.
“(2) Calculation of additional duty.—The additional duty on a safeguard good under this subsection shall be—“(A) in years 1 through 12, an amount equal to 100 percent of the excess of the applicable NTR (MFN) rate of duty over the schedule rate of duty; and
“(B) in years 13 through 16, an amount equal to 50 percent of the excess of the applicable NTR (MFN) rate of duty over the schedule rate of duty.
“(3) Notice.—Not later than 60 days after the Secretary of the Treasury first assesses an additional duty in a calendar year on a good under this subsection, the Secretary shall notify the Government of Peru in writing of such action and shall provide to that Government data supporting the assessment of the additional duty.
“(c) Exceptions.—No additional duty shall be assessed on a good under subsection (b) if, at the time of entry, the good is subject to import relief under—“(1) subtitle A of title III of this Act; or
“(2) chapter 1 of title II of the Trade Act of 1974 (19 U.S.C. 2251 et seq.).
“(d) Termination.—The assessment of an additional duty on a good under subsection (b) shall cease to apply to that good on the date on which duty-free treatment must be provided to that good under the Schedule of the United States to Annex 2.3 of the Agreement.