; and (B) by striking $7 and all that follows through January 1, 2020) and inserting $3.50 . (3) Application of reduced tax rate for foreign manufacturers and importers Subsection (a) of section 5051 of the Internal Revenue Code of 1986, as amended by section 13802(c) of Public Law 115–97 , is amended— (A) in subparagraph (A)(i)(II) of paragraph (1), as amended by paragraph (1) of this subsection, by inserting but only if the importer is an electing importer under paragraph (4) and the barrels have been assigned to the importer pursuant to such paragraph after during the calendar year ; and (B) in paragraph (4)— (i) in subparagraph (A), by striking paragraph (1)(C) and inserting paragraph (1)(A)