A bill to amend section 504 of the Trade Act of 1974 to establish certain limitations with respect to the Generalized System of Preferences.

Amends the Trade Act of 1974 to exclude from treatment as a beneficiary developing country (for purposes of tariff preferences with respect to articles within specified Major Groups) any country that has exported to the United States during a calendar year a quantity of such articles having an appraised value in excess of a specified proportional amount.

Makes ineligible for tariff preferences any merchandise subject to countervailing or antidumping duties.