(1) If the Government deems that a price drop in foreign countries, an unforeseen change in circumstances, or the fulfillment of obligations stipulated in a treaty has led to the increased import of specific goods under such conditions as to cause or threaten serious injury to the domestic industry which produces the same kind of goods or goods under direct competition, it may take the following measures:
1. If a tariff concession is made to specific goods in accordance with a treaty: A measure to assess customs duties provided for in this Act or the modified tariff rates by withdrawing or modifying the tariff concession made to such particular goods in accordance with the governing treaty;
2. If a measure referred to in paragraph (1) is about to be taken or has already been taken: A measure to apply tariff rates after reaching a new tariff concession, making a modification or making a tariff concession through the modification of the tariff rates of goods to which a tariff concession was made, other than the specific goods, and the addition of tariff concession items according to consultations held under the relevant treaty.
(2) Measures referred to in paragraph (1) 2 shall be taken to the necessary extent as compensation for a measure referred to in subparagraph 1 of the same paragraph.
(3) The application period, details, and other matters necessary for the measure referred to in paragraph (1) shall be prescribed by Presidential Decree.[This Article Wholly Amended on Dec. 30, 2010]