United States-Canada Grain Trade Settlement Act of 1994

United States-Canada Grain Trade Settlement Act of 1994 - Directs the President, by six months after enactment of this Act, to notify the Government of Canada of U.S. intent to terminate the United States-Canada Free-Trade Agreement (CFTA) and the North American Free Trade Agreement (NAFTA), unless the President certifies to the Congress that Canada has agreed to: (1) establish a method for determining the sale price of Canadian grain exports to the United States and the Canadian Wheat Board's acquisition price for such grain; (2) establish procedures for obtaining the data necessary to implement such method; (3) eliminate all transportation subsidies on agricultural goods originating in Canada and shipped for consumption to the United States; and (4) clarify the CFTA meaning of acquisition price so that the term includes the value of any transportation subsidy applied to grain entering the United States, all direct payments to producers by the Canadian Wheat Board or any government agency for such grain, and any other payments or subsidy incurred by the Board, any government agency, or any private interest in the acquisition, handling, storage, and transportation of the grain. Directs the President immediately to pursue negotiations to reach such an agreement.

Requires the President immediately to impose a 50 percent tariff on all imports from Canada of wheat, durum, and barley.

Authorizes the President to terminate such tariff and take action to reinstate the CFTA and the NAFTA with respect to Canada whenever Canada has entered such an agreement. Declares that such agreement shall supersede the corresponding provisions of the CFTA and the NAFTA, and shall be incorporated in and become part of them as reinstated.