1. Short title This Act may be cited as the CNL Update Act of 2023 . 2. Modification of competitive need limitation (a) Modification Section 503 of the Trade Act of 1974 ( 19 U.S.C. 2463 ) is amended— (1) in subsection (c)(2)(A)(i)— (A) by striking after December 31, 1995— (I) a quantity and inserting after December 31, 1995, a quantity ; and (B) by striking calendar year, or and all that follows through the President shall, and inserting calendar year, the President shall, ; (2) in subsection (c)(2)(A)(ii)— (A) in subclause (I), by striking for 1996, $75,000,000 and inserting for calendar year 2023, $600,000,000 ; and (B) in subclause (II), by striking $5,000,000 and inserting 5 percent of such applicable amount ; (3) in subsection (c)(2)(C), by striking may, subject and inserting should, subject ; (4) by striking subsection (c)(2)(E) and subsection (c)(2)(F); (5) by inserting after subsection (c)(2)(D) the following new subparagraph: (E) Calculation of limitations There shall be counted against the limitations imposed under subparagraph (A) for any calendar year only that value of any eligible article of a beneficiary developing country that entered duty-free under this title during such calendar year. ; (6) in subsection (d)(1), by striking if, before and all that follows through the President and inserting if the President ; and (7) in subsection (d)(4)(B)(ii)— (A) in subclause (I), by striking ; or and inserting a period; (B) in the matter preceding subclause (I), by striking a quantity of the article—(I) having an appraised value and inserting a quantity of the article having an appraised value