A bill to approve and implement the protocol to the trade agreement relating to customs valuation, and for other purposes.

Approves the Protocol to the Agreement on Implementation of Article VII (Customs Valuation) of the General Agreement on Tariffs and Trade and the administrative action implementing such agreement. Authorizes the President to accept such Protocol if each major industrial country also accepts such Protocol. Makes such Protocol applicable only with regard to other countries which have accepted the obligations of such Protocol and are not otherwise denying adequate trade benefits to the United States. Specifies the relationship of such Protocol to U.S. law.

Amends the Tariff Act of 1930, as amended by the Trade Agreements Act of 1979, to repeal a provision for accepting the transaction value, for purposes of customs valuation, of imported merchandise in a sale between a related buyer and seller if such value approximates the transaction value in sales to unrelated buyers of identical merchandise produced in a different country.

Amends the Tariff Schedules of the United States to make technical revisions in the tariff classifications of various chemicals. Authorizes the President to proclaim tariffs on specified chemicals. Subjects specified chemicals to any staged rate reductions proclaimed by the President for other specified chemical classifications.