Omnibus Trade Act of 1982

Omnibus Trade Act of 1982 - Expresses the policy of the United States to promote principles of free and fair trade and to fight other nation's trade barriers and discriminatory restrictions and requirements. Encourages the President to take certain actions to further such principles.

Title I: Import Safeguards - Amends the Trade Act of 1974 to change the standard for determining whether imports are injuring U.S. industries. Requires a finding that increased imports contribute importantly to material injury to the competing domestic industry in order to impose import relief. (Current law requires a finding that the increased imports have been a substantial cause of serious injury to the domestic industry.)

Directs the International Trade Commission (ITC) to recommend to the President those actions necessary to prevent or remedy material injury to the domestic industry and to facilitate the orderly adjustment to new competitive conditions by the industry.

Directs the President, if the President determines that the import relief recommended by the ITC is not in the national economic interest and that there are alternative recommendations that offset the material injury to the same extent as the ITC recommendations, to report to Congress: (1) such determination; (2) the reasons for it; and (3) information on what actions the President proposes to take and how such actions will overcome the injury to the same extent as the ITC's recommendations.

Authorizes the President to take actions other than those recommended by the ITC if, within 30 days after the President transmits the request to Congress, both Houses of Congress adopt a concurrent resolution approving the action proposed by the President. Provides that if the Congress does not adopt such a resolution the President shall follow the recommendations of the ITC.

Directs the President to extend any import relief provided pursuant to the section on import relief at a level no greater than the level in effect immediately before such extension for a three-year period if the ITC makes such a recommendation. (Current law authorizes, rather than directs, the President to make such an extension.)

Directs the ITC, in advising the President as to the probable economic effect on the industry concerned, to take into account all economic factors it considers relevant, including the considerations taken into account in antidumping and countervailing duty investigations of material injury. Directs the ITC to make recommendations to the President regarding the extensions (and levels), reductions, and terminations of import relief.

Title II: Antidumping Provisions - Amends the Tariff Act of 1930 to include fluctuations in exchange rates within the determination of the foreign market value of imported articles.

Provides that if the administering authority determines that the costs of the material contained in an imported article under investigation for dumping is unreasonable, the foreign market value of the imported article shall be its constructed value. Requires the cost of any material to be deemed unreasonable if its manufacture, production, or sale is subsidized. Treats material as subsidized if it was purchased at a preferential price. (Current law provides for finding the constructed value of imported articles but not for material contained in the imported articles.)

Title III: Subsidies - Amends the Tariff Act of 1930 to prohibit designating a country as a country under the Agreement on Subsidies and Countervailing Measures unless the country has committed itself to the General Agreement on Tariffs and Trade (GATT) to eliminate its export subsidies. Designates a beneficiary developing country as a "country under the Agreement" if, instead of committing itself to the GATT, the country agrees to a timetable for eliminating export subsidies and agrees not to: (1) increase the number of product classes receiving subsidies; (2) begin new subsidies; and (3) increase the amount of existing subsidies. Directs the President to review annually a beneficiary developing country's compliance with such agreement. Authorizes revoking a beneficiary developing country's status as a "country under the Agreement" and imposing countervailing duties on that country.

Title IV: Nonmarket Economies - Amends the Trade Act of 1974 to require the administering authority to impose an additional duty upon imported articles which are the products of a nonmarket economy country and with respect to which the administering authority determines there is artificial pricing.

Defines a nonmarket economy country as a country which does not operate on free market economic principles so that sales of merchandise in certain countries do not reflect the fair value of the merchandise. Defines artificial pricing to mean the pricing of articles imported from a nonmarket economy country below the free market price of like articles.

Sets forth the methods of initiating an artificial pricing investigation (replacing the current provisions for a market disruption investigation).

Prohibits the initiation of such an investigation in certain cases where a countervailing duty or antidumping duty investigation is in process or where a countervailing or antidumping duty is in effect.

Requires the administering authority to publish an artificial pricing duty order within a specified time after a final determination. Sets forth the information to be contained in such order. Specifies the merchandise which shall be subject to the imposition of such duties. Sets forth the manner of assessing and collecting such duties.

Directs the administering authority to treat an artificial pricing investigation as if it had been commenced as a countervailing duty or antidumping duty investigation wherever the nonmarket economy country subject to such investigation furnishes the administering authority with certain verifiable information.

Requires certain artificial pricing investigations which are treated as antidumping investigations to be conducted without regard to whether an industry is injured or to whether the establishment of an industry is materially retarded.

Requires the administering authority, in a countervailing duty or antidumping duty investigation of a product of a nonmarket economy country which fails to furnish certain verifiable information, to: (1) terminate the countervailing or antidumping duty investigation and begin the artificial pricing investigations; and (2) notify the appropriate officials of such termination.

Title V: Generalized System of Preferences - Prohibits a country from being treated as a beneficiary developing country with respect to all articles in a major group (as defined by the Office of Management and Budget) if the President determines that the country has exported to the United States more than a specified quantity of articles within such group during a calendar year.

Prohibits a country's merchandise from being eligible for duty- free treatment if it is subject to antidumping or countervailing duties because of a finding of the ITC.

Adds to the list of countries which cannot be designated beneficiary developing countries any country which imposes discriminatory restrictions on foreign investment or discriminatory trade restrictions on investment which burdens U.S. commerce. Authorizes the President to limit such restrictions to particular sectors, industries, or articles.

Directs the President, in determining whether an article should continue to be designated a 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 United States Trade Representative (USTR) 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 USTR 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 USTR to issue regulations regarding such complaints and to report to Congress semiannually on reviews of such complaints.

Title VI: Reciprocal Market Access - Amends the Trade Act of 1974 to include foreign restrictions on direct investments by U.S. citizens or nationals among the foreign trade restrictions on U.S. commerce that would trigger a U.S. response. Authorizes the President to take action to establish or further the principles of national treatment or reciprocal market access with respect to U.S. goods, U.S. services, and foreign direct investment by U.S. nationals or citizens.

Authorizes the President to: (1) enter into bilateral or multilateral negotiations to further such principles; (2) adjust Government procurement policies to provide for procurement from nations that provide reciprocal market access to comparable U.S. producers; (3) instruct the U.S. directors of the International Bank for Reconstruction and Development (World Bank) and the International Monetary Fund to vote against aid to countries that do not adhere generally to principles of national treatment and market access; (4) request Federal regulatory agencies to consider a country's adherence to such principles in making decisions or taking actions with respect to applications or requests of such country; or (5) propose legislation which would impose equivalent restrictions within the United States on goods and services from countries that do not adhere to such principles. Authorizes the President to take any other appropriate action to enforce U.S. trade rights, respond to discriminatory trade practices, or further principles of national treatment or reciprocal market access.

Changes the definition of commerce for purposes of U.S. trade agreement enforcement rights. Includes within that definition foreign direct investment by U.S. citizens or nationals. Defines national treatment for such purposes as the treatment by a government of foreign investment or foreign establishments operating within its borders in the same way as a domestic investment or comparable domestic establishments.

Authorizes the House Ways and Means Committee or the Senate Finance Committee to file a resolution with the USTR requesting the President to take action to enforce U.S. trade rights, respond to discriminatory trade practices, or further principles of national treatment or reciprocal market access.

Provides that consultations need not take place between the USTR and a foreign country after beginning an investigation into complaints concerning such country's national treatment or market reciprocity policies. (Current law requires such consultations when the United States is investigating complaints about U.S. trade agreement rights or foreign discriminatory trade practices.) Requires the USTR to recommend to the President a course of action within one month of the start of an investigation of complaints concerning national treatment or reciprocity. Directs the President to make recommendations to Congress within 120 days of starting an investigation into complaints concerning national treatment and market reciprocity.

Authorizes the President to negotiate international agreements on restrictions on foreign direct investment.