To direct the Secretary of Commerce to impose countervailing duties on dynamic random access memory (DRAM) semiconductors produced by Hynix Semiconductor.

February 27, 2003

Mr. CRAIG introduced the following bill; which was read twice and referred to the Committee on Finance

To direct the Secretary of Commerce to impose countervailing duties on dynamic random access memory (DRAM) semiconductors produced by Hynix Semiconductor.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. FINDINGS OF CONGRESS.

Congress makes the following findings:

(1) The Government of Korea and the banks that it owns and controls have provided over $16 billion in financial assistance to Hynix Semiconductor.

(2) Hynix Semiconductor is essentially a bankrupt entity that would not be able to obtain loans from commercial sources.

(3) Hynix Semiconductor has recently been implicated in the illegal transfer of funds to North Korea in 2000.

(4) The subsidies provided by the Government of Korea to Hynix Semiconductor are special and deferential and are provided specifically for the benefit of that company.

(5) The financial contributions made by the Government of Korea provide a substantial benefit to Hynix.

(6) The imports of these subsidized products have caused material injury to the United States industry producing Dynamic Random Access Memory (DRAM) semiconductors, including substantial operating losses and significant layoffs of employees.

SEC. 2. IMPOSITION OF COUNTERVAILING DUTIES ON HYNIX.

(a) Congress hereby directs the Secretary of Commerce and the United States Customs Service to immediately suspend liquidation on entries into the United States of dynamic random access memory (DRAM) semiconductors produced or imported by Hynix Semiconductor and to impose a cash deposit of estimated countervailing duties in the amount of 80 percent ad valorem on all such imports.

(b) These provisions shall be effective on the date of enactment of this Act.

END