CNL Update Act of 2023

This bill updates the "competitive need limitation" for duty-free imports from beneficiary developing countries under the Trade Act of 1974. It increases the annual cap for eligible imports from $75 million to $600 million and changes how the limit is calculated to count only duty-free entries during a calendar year. The President must restore duty-free treatment for most eligible articles within 120 days of the bill's enactment, with a one-year review period for sensitive products requiring continued withholding. The bill also requires a report to Congress within one year detailing restored and withheld duty-free treatments. This directly affects importers of goods from designated developing countries eligible for trade benefits.