A bill to amend the Tariff Act of 1930 and the Trade Act of 1974 to provide more equitable standards for determining the foreign market value of, and market disruption attributable to, goods manufactured in non-market economy countries.

Amends the Tariff Act of 1930 to revise the method for determining the foreign market value of merchandise from nonmarket economies (current terminology is "State-controlled"). Stipulates that such value be based on the costs, expenses, and profits of free-market producers of such merchandise most comparable to the nonmarket economy producers.

Amends the Trade Act of 1974 to require the International Trade Commission to investigate, and the President to request investigation into, whether the domestic market is disrupted due to imports from or artificial pricing by nonmarket economy countries (currently Communist countries). Revises the relief available as a result of such disruption caused by artificial pricing to: (1) require the President to take the action recommended the Commission, unless Congress approves different action by the President; and (2) exempt such relief from specified restrictions.