A bill to amend the provisions of the Omnibus Trade and Competitiveness Act of 1988 with respect to the enforcement of machine tool import arrangements.

Amends the Omnibus Trade and Competitiveness Act of 1988 to require the Secretary of the Treasury, at the request of the Secretary of Commerce (current law authorizes the Secretary of Commerce to request the Secretary of the Treasury), to: (1) take necessary action to ensure the attainment of the objectives of the machine tool decisions of the President on May 20, 1986, and on December 27, 1991; and (2) enforce any imported machine tool quantitative limitations, restrictions, or other terms contained in related bilateral arrangements.

Requires the Secretary of the Treasury to enforce the quantitative limitations and other provisions of bilateral arrangements negotiated with Japan and Taiwan on December 31, 1991, pursuant to the President's machine tool decision of May 20, 1986, until bilateral agreements are negotiated with such countries pursuant to the President's December 27, 1991, decision.