Foreign Trade Amendments Act

Foreign Trade Amendments Act - Title I: Tax Law Amendments - Provides that, if a foreign corporation is a controlled foreign corporation, a United States shareholder of such corporation shall include in his gross income under the Internal Revenue Code of 1954 his pro rata share of the corporation's earnings and profits for the taxable year. Sets forth the manner in which the pro rata share is to be determined. Sets forth the manner in which the earnings and profits shall be determined. Defines the terms used in this title. Provides rules for determining stock ownership for purposes of this title.

Title II: Antidumping Act, Countervailing Duty Law, and Tariff Schedules Amendments and Other Provisions - Provides that under the Antidumping Act of 1921 whenever a class or kind of foreign merchandise is sold in the United States or elsewhere at less than its fair value and an industry in the United States is being or is likely to be injured, or is prevented from being established, by reason of the importation of such merchandise into the United States, there shall be levied upon the merchandise a special dumping duty in an amount equal to the difference between the purchase price or the exporter's sales price and the foreign market value, or in the absence of such value, the constructed value, to be effectuated under orders issued by the United States Tariff Commission.

Provides that whenever any country pays or bestows any bounty or grant upon the manufacture or production or export of any article or merchandise manufactured or produced in such country, and such article or merchandise is dutiable under the provisions of the Tariff Act of 1930, there shall be levied an additional duty equal to the net amount of such bounty or grant, to be effectuated by orders issued by the United States Tariff Commission (presently the Secretary of the Treasury).

Title III: Adjustment Assistance and Trade - Adjustment Assistance Act - Establishes within the Department of Labor the Office of Adjustment Benefits. Requires the Director of the Office of Adjustment Benefits to take such action as may be necessary to insure that detailed information relating to the benefits available under this title, and all procedures relating to the manner and form of applying for such benefits, is readily available to all workers eligible or who may be eligible for benefits under this title.

Authorizes the Director to issue adjustment benefits to individuals when, upon the filing of an application for entitlement to such benefits, the Director finds that such individuals are partially or totally separated from work, or are threatened with partial or total separation, as a result of a decrease in any calendar quarter of production of a product in the United States by the firm employing such individuals which is below the average level of production of such product by the firm in the corresponding calendar quarters of the two years immediately preceding the year in which such decrease occurred.

States that the adjustment benefit payable to any worker for any week of total separation shall be an amount equal to 80 percent of his highest weekly wage.

Authorizes the Director to institute programs to prepare each such worker for full employment in accordance with his capabilities and prospective employment opportunities.

States that any worker who, without good cause, refuses to accept or continue or fails to make satisfactory progress in, suitable training to which he has been referred by the Director shall not thereafter be entitled to adjustment benefits until he enters or resumes training to which he has been so referred.

Authorizes the Director to grant a relocation allowance to assist an eligible worker in relocating within the United States if the Director determines that such worker cannot reasonably be expected to secure suitable employment in the commuting area in which he resides and that such worker: (1) has obtained suitable employment affording a reasonable expectation of long-term duration in the area in which he wishes to relocate; or (2) has obtained a bona fide offer of such employment.

Authorizes the director to contract for basic and supplemental hospital and medical care as he may deem appropriate for persons receiving assistance under this Act.

Requires all firms to give workers 3 weeks advance notice of any total or partial separations. States than any firm or individual who willfully violates such notice requirement shall be assessed a civil penalty by the Director of not more than $5,000 for each such violation.

Provides for economic adjustment assistance to communities if the workers in a firm located in such community are eligible for adjustment benefits under this title. States that economic assistance consists of technical assistance, which may include assistance by means of grants.

Title IV: Labeling of Foreign Products - Provides that no producer, manufacturer, or dealer shall ship or deliver for shipment to commerce any foreign products or goods containing foreign-made components unless such products and goods are clearly marked in a conspicuous place in a legibly, indelibly and permanent as the nature of the article or container will permit manner as to indicate to an ultimate purchaser in the United States the English name of the country or countries of origin of the foreign products or foreign-made components.

Establishes a fine of not more than $10,000 for each willful violation of this provision.