(1) If the outcomes of an investigation verify that the increased import of specific goods causes or is likely to cause an material injury (hereafter referred to as "material injury, etc." in this Article) on the domestic industry which produces the same goods or goods that directly compete with such specific goods (hereafter referred to as "domestic industry" in this Article) and if it is deemed necessary to protect the domestic industry, an additional tariff may be assessed (hereafter referred to as "emergency tariff") on the relevant imported goods to the extent necessary to prevent, remedy and adjust the material injury, etc. (hereinafter referred to as "relief, etc. of injury").
(2) A decision on whether an emergency tariff is assessed and its substances shall be made after examining the necessity to protect the relevant domestic industry, international trade relations and compensation levels following the assessment of such emergency tariff and the consequent impact, etc. on the entire national economy.
(3) When the Minister of Economy and Finance assesses an emergency tariff, he or she shall consult with the relevant country about the means of providing appropriate trade compensation for negative effects resulting from the assessment of such emergency tariff.
(4) The assessment of any emergency tariff and any provisional emergency tariff under Article 66 (1) shall apply exclusively to goods imported after a decision on the measures to assess them has been executed.
(5) The assessment period of an emergency tariff shall not exceed four years and the assessment period of a provisional emergency tariff under Article 66 (1) shall not exceed 200 days: Provided, That if any such assessment period is extended according to outcomes brought about as a result of the review conducted in accordance with Article 67, the assessment period of an emergency tariff and the assessment period of a provisional emergency tariff, the application period of import volume limit, etc. under Article 39 (1) of the Foreign Trade Act (hereafter referred to as "import quotas, etc." in this Article and Article 66) and any extended period shall not exceed eight years in aggregate.
(6) Goods subject to the assessment of an emergency tariff or a provisional emergency tariff under Article 66 (1), tariff rates, application period, volume, means of import control and other necessary matters shall be prescribed by Ordinance of the Ministry of Economy and Finance.
(7) When the Minister of Economy and Finance deems it necessary to determine whether an emergency tariff or a provisional emergency tariff under Article 66 (1) should be assessed, he or she may request the heads of the relevant administrative agencies, interested persons, etc. to render necessary cooperation, including submission of related materials.[This Article Wholly Amended on Dec. 30, 2010]