A bill to amend the Tariff Act of 1930 so as to apply countervailing duties to duty-free merchandise causing injury to domestic industry, to expedite findings and determinations under countervailing duty procedures, and for other purposes.

Provides that when any country, person or business shall pay any bounty or grant upon the manufacture, production or export of any article produced in such country, then upon the importation of the article into the United States, there shall be levied, in addition to all other duties, a duty equal to the net amount of the bounty or grant.

Provides that whenever the Secretary of the Treasury determines that a bounty or grant is being paid on any article or merchandise which is free of duty, he shall so advise the United States Tariff Commission and the Commission shall determine within 3 months whether or not an industry in the United States is being or is likely to be injured by reason of the importation of the article into the United States. Provides that the Secretary shall require the suspension of liquidation as to such article.

Directs that if the Tariff Commission determines that a U.S. industry is being injured by imports, then the Secretary shall order the assessment and collection of duties in the amount of the bounty or grant that is from time to time ascertained and determined by him. Provides that this assessment shall apply 30 days after publication in the Federal Register of the Secretary's determination that a bounty or grant is being paid.

Provides that no duty shall be imposed on any article which is subject to a quantitative limitation imposed on any article which is subject to a quantitative limitation imposed by the United States on its importation or subject to a limitation imposed under an agreement to which the United States is a party. (Amends 19 USC 1303)