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 excise tax on the sale of imported automobiles. Requires the Secretary of the Treasury to determine the amount of such tax based on a nontariff barrier equivalent amount. Defines "nontariff barrier equivalent amount" as the average addition to the price of U.S. automobiles sold in the country in which the automobiles are manufactured which is attributable to nontariff barriers to trade imposed by that country. Defines "nontariff barrier" as any practice or procedure which unreasonably burdens, restricts, or discriminates against U.S. automobiles, including: (1) commodity taxes; (2) inspection or testing procedures; (3) product approval requirements or standards; or (4) road or other excise taxes.

Allows the President to waive such tax under specified circumstances. Requires the President to notify the Congress of any such waiver. Treats such waiver as a recommendation to the Congress. Allows for Congressional disapproval of such a waiver.

Appropriates for deposit into the Federal Old-Age and Survivors Insurance Trust Fund raised by the excise tax imposed by this Act.