(1)Part I of the [11 & 12 Geo. 5. c. 47.] Safeguarding of Industries Act, 1921 (which, as extended by section one of the Finance Act, 1946, is limited to expire on the nineteenth day of August, nineteen hundred and forty-eight) shall continue in force for a further period of three years from that date.
(2)Where, having regard to the terms for the time being in force of the Agreement on Tariffs and Trade concluded at Geneva in the year nineteen hundred and forty-seven or of any other agreement regarding commercial relations which may be entered into between His Majesty's Government in the United Kingdom and the Government of any other country, it appears to the Treasury, on the recommendation of the Board of Trade, to be expedient so to do, the Treasury may by order direct, in relation to any class or description of goods specified in the order, that any duties chargeable on those goods under the Safeguarding of Industries Act, 1921 (including any additional duties so chargeable by virtue of subsection (4) of section five of the [26 Geo. 5. & 1 Edw. 8. c. 34.] Finance Act, 1936) shall be charged at such reduced rate as may be so specified or shall cease to be charged.
(3)An order under this section shall be made by statutory instrument and section nineteen of the [22 & 23 Geo. 5. c. 8.] Import Duties Act, 1932 (which, among other things, makes provision as to the laying of Treasury orders relating to duties of customs before the Commons House of Parliament) shall apply to an order under this section as if it were an order made by the Treasury under that Act.