To amend title 49, United States Code, to impose restrictions on the operating rights of foreign air carriers of a foreign country that has restricted United States air carrier operations.

Amends Federal aviation law to require the Secretary of Transportation, subject to the President's approval, to limit or deny the operating rights of a foreign carrier to carry cargo in all-cargo configured aircraft between the United States and a third country when it is determined that: (1) the government, an aeronautical authority, or a foreign air carrier has limited or denied, in violation of an air services agreement between the United States and the foreign country, the operating rights of an air carrier to carry cargo in all-cargo configured aircraft between the foreign country and the third country; and (2) limiting or denying such operating rights is consistent with the public interest and the international aviation policy of the United States.