To suspend trade benefits and multilateral economic assistance to Hong Kong.

Requires 60 days after enactment of this Act: (1) that the President terminate, withdraw, or suspend any portion of any trade agreement or treaty to the extent the agreement or treaty requires the provision of nondiscriminatory (most-favored-nation) trade treatment to Hong Kong; (2) that the denial of most-favored-nation treatment to Hong Kong and that its products be subjected to specified duty rates; and (3) that the generalized system of preferences be inapplicable to the products of Hong Kong.

Directs the Secretary of the Treasury, 60 days after enactment, to instruct the United States executive directors of the International Monetary Fund, the International Bank for Reconstruction and Development, and the International Development Association to oppose any loan or other utilization of the funds of their respective institutions to or for Hong Kong.

Allows the President to waive such restrictions if it is determined that: (1) Hong Kong has agreed to be a country of first asylum for asylum seekers fleeding Vietnam by boat or land; and (2) Hong Kong has terminated the practice of forced repatriation of asylum seekers.