To impose trade and other economic sanctions against the Republic of Panama.

Prohibits the importation of any products of Panama.

Prohibits the provision to Panama of any credits, credit guarantees, or investment guarantees under any Federal program.

Requires the President to notify the Government of Panama that he will, within ten days, order the revocation of the rights of any air carrier to provide service pursuant to any aviation agreement between the United States and Panama. Requires the President to direct the Secretary of Transportation to: (1) revoke such rights; (2) refuse to permit any U.S. air carrier to provide service between the United States and Panama; (3) prohibit any aircraft owned by an air carrier owned by the Panamanian Government or nationals of Panama from engaging in air transportation with respect to the United States; and (4) prohibit the takeoff and landing in Panama of any aircraft by any air carrier owned or controlled by a U.S. national or corporation.

Allows exceptions to such prohibitions in emergency situations.

Prohibits the United States from minting, or assisting in the minting of, coins for Panama.

Terminates the sanctions required by this Act if the President certifies to the Congress that Panama is cooperating fully with the United States in efforts to eliminate the international drug trade.