A bill to limit imports of feeder and slaughter cattle and to authorize a trade agreement for that purpose in lieu of statutory quotas.

Authorizes the President to enter into one or more trade agreements with feeder and slaughter cattle exporting countries to limit the quantity of such cattle exported by them to the United States.

Imposes a quota on the importation of such cattle. Directs the Secretary of the Treasury, in consultation with the Secretary of Agriculture, to establish a system of equitable distribution among importers of cattle subject to such quota.