A bill to apply duty-free treatment under certain circumstances to articles produced in the insular possessions of the United States.

Amends the Tariff Schedules of the United States to exempt from customs duties products of the insular possessions of the United States if not more than 70 percent of the product's value is attributable to foreign materials, until the value of such imports reaches a specified annual total. Exempts watch products of the insular possessions of the United States from customs duties. Exempts from customs duties products of such possessions upon re-entry, if applicable duties were previously paid.