A bill to remedy market disruption caused by imports of products from nonmarket economy countries.

Requires the International Trade Commission (ITC) to make an investigation to determine, with respect to imports of articles from a nonmarket country, whether market disruption exists with respect to an article produced by a domestic industry, upon: (1) the filing of a petition for import relief; (2) request of the President or the United States Trade Representative (USTR); (3) resolution of either the House Committee on Ways and Means or the Senate Committee on Finance; or (4) its own motion. Provides that specified provisions of the Trade Act of 1974 relating to import relief shall apply to investigations conducted by the ITC.

Directs the ITC to report to the USTR its determination with respect to such investigation, including the basis therefor and any dissenting views. Requires the ITC, in affirmative determinations of market disruption, to impose a duty or provide other import restrictions on the imported article to remedy such market disruption. Sets forth other appropriate relief the ITC may impose on such imported article. Specifies reporting requirements with respect to the ITC.

Provides that provisions of the Trade Act of 1974 relating to presidential action and import relief shall apply to affirmative determinations under this Act.

Requires the USTR to request the ITC to initiate an investigation if the USTR finds that there are reasonable grounds to believe, with respect to imports of an article produced in a nonmarket country, that market disruption exists with respect to an article produced by a domestic industry. Authorizes the USTR, if emergency action is necessary, to take specified action as if the ITC has made an affirmative determination.

Permits a petition to be filed with the USTR by an entity (including a trade association, firm, certified union, or a group of workers which is representative of an industry) requesting the USTR to initiate consultations with respect to imports of an article which is a product of the country which is a party to a bilateral commercial agreement. Requires the USTR to initiate such consultations between the parties of the agreement if there are reasonable grounds to believe that market disruption exists with respect to an industry.

Provides that market disruption exists within a domestic industry whenever an article is imported into the United States in such increased quantities as to be an important cause of material injury or threat thereof to a domestic industry that produces an article like or directly competitive with the imported article. Sets forth factors the ITC shall consider in determining whether market disruption exists.

Repeals provisions of the Trade Act of 1974 relating to market disruption investigations.