A bill to amend the general headnotes of the Tariff Schedules of the United States regarding products of the insular possessions.

Amends the general headnotes of the Tariff Schedules of the United States to provide that, for purposes of column one duty treatment, the sum of both the value of the materials produced in the U.S. insular possessions or customs territories plus the direct costs of processing operations performed shall not be less than 30 percent of the appraised value of such article at the time of its entry into U.S. customs territory.

Provides that material which could be entered duty- free shall not be taken into account in determining the appraised value of an article that is imported into the U.S. customs territory.