(1) In general The President shall carry out an import quota program that provides that whenever the Secretary determines and announces that the average price of the base quality of upland cotton, as determined by the Secretary, in the designated spot markets for a month exceeded 130 percent of the average price of such quality of cotton in the markets for the preceding 36 months, notwithstanding any other provision of law, there shall immediately be in effect a limited global import quota subject to the following conditions: (A) Quantity The quantity of the quota shall be equal to 21 days of domestic mill consumption of upland cotton at the seasonally adjusted average rate of the most recent 3 months for which data are available. (B) Quantity if prior quota If a quota has been established under this subsection during the preceding 12 months, the quantity of the quota next established under this subsection shall be the smaller of 21 days of domestic mill consumption calculated under subparagraph (A) or the quantity required to increase the supply to 130 percent of the demand. (C) Preferential tariff treatment The quantity under a limited global import quota shall be considered to be an in-quota quantity for purposes of— (i) section 2703(d) of title 19 ; (ii) section 3203 of title 19 ; (iii) section 2463(d) of title 19 ; and (iv) General Note 3(a)(iv) to the Harmonized Tariff Schedule. (D) Definitions In this subsection: (i) Supply The term “supply” means, using the latest official data of the Bureau of the Census, the Department of Agriculture, and the Department of the Treasury— (I) the carry-over of upland cotton at the beginning of the marketing year (adjusted to 480-pound bales) in which the quota is established; (II) production of the current crop; and (III) imports to the latest date available during the marketing year. (ii) Demand The term “demand” means— (I) the average seasonally adjusted annual rate of domestic mill consumption during the most recent 3 months for which data are available; and (II) the larger of— (aa) average exports of upland cotton during the preceding 6 marketing years; or (bb) cumulative exports of upland cotton plus outstanding export sales for the marketing year in which the quota is established. (iii) Limited global import quota The term “limited global import quota” means a quantity of imports that is not subject to the over-quota tariff rate of a tariff-rate quota. (E) Quota entry period When a quota is established under this subsection, cotton may be entered under the quota during the 90-day period beginning on the date the quota is established by the Secretary.