; or (ii) if— (I) the vessel is built in the United States; (II) the vessel is documented under the laws of the United States; (III) all major components of the hull or superstructure of the vessel are manufactured (including all manufacturing processes from the initial melting stage through the application of coatings for iron or steel products) in the United States; and (IV) the components of the vessel listed in paragraph (4) are manufactured in the United States; and (B) with respect to the 5th calendar year following the calendar year in which this subsection is enacted and each calendar year thereafter, if the vessel meets the requirements of subparagraph (A)(ii). (4) Components The components of a vessel listed in this paragraph are the following: (A) Air circuit breakers. (B) Welded shipboard anchor and mooring chain. (C) Powered and non-powered valves in Federal Supply Classes 4810 and 4820 used in piping. (D) Machine tools in the Federal Supply Classes for metal-working machinery numbered 3405, 3408, 3410 through 3419, 3426, 3433, 3438, 3441 through 3443, 3445, 3446, 3448, 3449, 3460, and 3461. (E) Auxiliary equipment for shipboard services, including pumps. (F) Propulsion equipment, including engines, propulsion motors, reduction gears, and propellers. (G) Shipboard cranes. (H) Spreaders for shipboard cranes. (I) Rotating electrical equipment, including electrical alternators and motors. (5) Waiver authority The President may waive the requirement under clause (i)(II)(bb) or clause (ii)(IV), as applicable, of paragraph (3)(A) with respect to a component of a vessel if the Maritime Administrator determines that— (A) application of the requirement would— (i) result in an increase of 25 percent or more in the cost of the component of the vessel; or (ii) cause unreasonable delays to be incurred in building or retrofitting the vessel