A bill to amend the Trade Act of 1974 to restore the authority of the President with respect to reciprocal nondiscriminatory treatment.

Amends the Trade Act of 1974 to grant the President specified powers if the President determines that a major industrial country: (1) does not provide equivalent competitive opportunities for U.S. commerce in that country; or (2) consistently violates U.S. trade laws. Directs the President, upon making such a determination, to recommend to Congress: (1) terminating certain U.S. concessions affecting tariffs or import restrictions; and (2) ending the applicability to such country of legislation necessary to carry out trade agreements. Authorizes the President, upon making such determination, to proclaim increased tariffs or other import restrictions.