To amend the Export Administration Act of 1979 with respect to exports to terrorist countries.

Amends the Export Administration Act of 1979 to prohibit the export or reexport of certain controlled goods or technology (other than food, medicine, or medical supplies) to countries whose governments have repeatedly supported acts of international terrorism. Specifies goods or technology controlled under the Wassenaar Arrangement, the Missile Technology Control Regime, the Australia Group, the Nuclear Non-Proliferation Act of 1978, multilateral export control regimes in which the United States participates, as well as any goods or technology which could make a significant contribution to the military potential of a country.

Authorizes the President to waive such prohibition if: (1) the export transaction is essential to the national interests of the United States; and (2) the President consults with the Congress according to a certain procedure.