A bill to amend the Trade Act of 1974 to establish certain limitations with respect to the generalized system of preferences, and for other purposes.

Amends the Trade Act of 1974 to prohibit a country from being treated as a beneficiary developing country with respect to all articles in a specified standard industrial classification (as defined by the Census Bureau) if the President determines that the United States has imported more than a specified quantity of articles within such classification during a calendar year. Prohibits redesignating such a country as a beneficiary developing country with respect to such articles. Denies all articles within such classification general system of preference treatment.

Prohibits a country's merchandise from being eligible for duty-free treatment if it is subject to antidumping or countervailing duties or if its U.S. competitors qualify for trade adjustment assistance.

Prohibits a country's merchandise from being eligible for duty-free treatment if it is subject to import relief provisions.

Prohibits duty-free treatment of any article or component of that article if any like or directly competitive article is otherwise denied duty- free treatment.

Adds to the list of countries that cannot be designated beneficiary developing countries any country which: (1) imposes export requirements as a condition on investment and refuses to agree not to impose such requirements while it is designated a beneficiary developing country; or (2) is among the five countries receiving the greatest proportionate share of general system of preference benefits.

Directs the President, in determining whether an article should continue to be a designated duty-free article, to determine whether such designation is appropriate considering the import sensitivity of that article due to specified factors.

Directs the President to authorize continued duty-free treatment of a product with specified import sensitivity characteristics the domestic production of which is disproportionately small in relation to the duty-free import volume only if it is in the national economic interest.

Authorizes any interested party to file a complaint with the U.S. Trade Representative alleging that: (1) a beneficiary developing country should be barred from its designation as a beneficiary developing country because of changed circumstances; or (2) specified factors justify limiting the application of duty-free treatment. Requires the review of such complaint by the Trade Representative and the President's determination of such complaint to be accomplished within a specified time. Requires reversal of the President's determinations if both Houses of Congress adopt a concurrent resolution disapproving such determination. Directs the Trade Representative to issue regulations regarding such complaints and to report to Congress semiannually on reviews of such complaints.