Section 2
SEC. 2. (a) Notwithstanding the provisions of section one of this Act, if as a result of the application of the schedule therein, the total revenue derived from the customs duties and from the special import tax on goods, articles or products imported from the United States is less in any calendar year than the proceeds from the exchange tax imposed under Republic Act Numbered Six hundred and one, as amended, on such goods, articles or products during the calendar year 1955, the President may, by proclamation, suspend the reduction of the special import tax for the next succeeding calendar year as prescribed in the schedule, and, in order to restore the total revenue to be collected on the importation of United States goods, articles or products to the level of the exchange tax thereon during the calendar year 1955, increase the special import tax on all goods coming from any country for such succeeding calendar year to any previous rate provided for in this Act which is deemed necessary to restore the said revenue to the level attained in calendar year 1955. (b) After the President shall have made adjustments in the rate of tax for any given year in accordance with paragraph (a) of this section, the tax to be imposed in subsequent years shall be as provided for the corresponding year in the schedule in section one: Provided, That the President may impose any higher rate of tax within the schedule other than that fixed for the corresponding year in order to cover anticipated deficiency in revenue arising from the operation of this Act.