7Charge of, and relief from, duties to offset subsidies
(1)Where it appears to the Board of Trade—
(a)that some government or other authority outside the United Kingdom has been giving a subsidy affecting goods of any description which are being or have been imported into the United Kingdom ; and
(b)that, having regard to all the circumstances, it would be in the national interest;
they may exercise in such manner as they think necessary to meet the giving of the subsidy the power described in section 1(3) above, subject however to the restriction imposed by section 1(3)(b) on the exercise of the power as regards treaty countries (the reference in section 1(4) to the effect of the dumping being replaced for this purpose by a reference to the effect of the giving of the subsidy).
(2)References in this Act to giving a subsidy are references to giving, directly or indirectly, a bounty or subsidy on the production or exportation of goods (whether by grant, loan, tax relief or in any other way and whether related directly to the goods themselves, to materials of the goods or to something else), and include—
(a)the giving of any special subsidy on the transport of a particular product; and
(b)the giving of favourable treatment to producers or exporters in the course of administering any governmental control over the exchange of currencies where such treatment has the effect of assisting a reduction of the prices of goods offered for export;
but do not include the application of restrictions or charges on the exportation of materials from any country so as to favour producers in that country who use those materials in goods produced by them.
(3)Section 2 above may be applied to a duty imposed by an order under this section as it may be applied to a duty imposed by an order under section 1; but, where it is applied by virtue of this subsection, references to the fair market price in a country shall be replaced in it by references to the export price from that country increased by such amount (if any) as may be necessary to offset the effect of the giving of the subsidy.