To authorize appropriate action if the negotiations with the People's Republic of China regarding China's undervalued currency and currency manipulation are not successful.

Imposes an additional duty of 27.5 percent on Chinese goods imported into the United States unless the President submits a certification to Congress that the People's Republic of China (PRC) is no longer manipulating the rate of exchange and is complying with accepted market-based trading policies.

Directs the Secretary of the Treasury to negotiate with the PRC to ensure a process that leads to a market-based system of currency valuation.