A bill to amend the Internal Revenue Code of 1954 to impose an additional excise tax on the sale of certain imported automobiles in the United States.

Amends the Internal Revenue Code to impose an additional excise tax on the sale of certain imported automobiles in the United States. Provides that such additional tax shall be an amount equal to the average increase in the price of United States automobiles sold in the country in which the imported automobiles are manufactured where such increase in price is attributable to nontariff trade barriers.

Requires the Secretary of the Treasury to make a determination of such amount on a calendar quarter basis. Restricts the application of such tax to those imported automobiles manufactured in a country whose automobiles, for any calendar quarter, account for more than ten percent of new automobiles sold in the United States during the most recent 12-month period. Sets forth special rules for the payment of such tax in the case of leased automobiles.

Authorizes the President to waive such tax with respect to automobiles manufactured by any person if he determines that such person is making a good faith effort to ameliorate the imbalance of trade in automobiles between the United States and the country in which such person is located: (1) by limiting exports of automobiles manufactured by him to the United States; or (2) by manufacturing automobiles in the United States.

Authorizes the President to waive such tax in whole or in part with respect to automobiles manufactured in any country if he determines that such country is in full compliance with all international agreements affecting trade in automobiles.

Provides for congressional veto of a presidential waiver of such tax by enactment of a joint resolution of disapproval.