A bill to amend section 201 of the Trade Act of 1974.

Amends the Trade Act of 1974 to require each import relief petition to include an adjustment proposal which sets forth: (1) the specific objectives of the import relief being requested; (2) a schedule for achieving such objectives; and (3) a description of actions that will be taken to achieve such objectives. Sets forth factors the adjustment proposal may address. Prohibits the International Trade Commission (ITC) from initiating an import relief investigation until the ITC has received an adjustment proposal.

Adds to the list of factors that the ITC shall consider in determining whether increased imports pose a threat of serious injury to the domestic industry concerned.

Requires that any ITC determination that a U.S. industry is threatened with serious injury shall be made on the basis of evidence that the threat of serious injury is real and that actual serious injury is imminent. Provides that such determination may be made on the basis of official statements of intended action made by a foreign government.

Authorizes the ITC, if it makes an affirmative determination that increased imports are a substantial cause of serious injury or threaten serious injury to a competing domestic industry, to determine the appropriate increase in duty or imposition of an import restriction and recommend the provision of adjustment assistance. (Current law authorizes the ITC either to: (1) recommend adjustment assistance; or (2) determine the appropriate import restriction or duty increase.)

Requires the ITC, if it makes such an affirmative determination, to: (1) investigate and hold a public hearing on certain of its determinations and findings; (2) determine the probable effectiveness of import relief; (3) evaluate the effectiveness of the adjustment proposal to enable the domestic industry to compete; and (4) estimate the effects of import restrictions or increased duties on private and industrial consumers. Requires the ITC to include in its report to the President: (1) such determination, evaluation, and estimate; and (2) any Commissioner's comments on any import relief the President is authorized to provide.

Requires the President, after receiving a report from the ITC containing such affirmative determination, to evaluate the objective and actions specified in the petitioner's adjustment proposal.

Authorizes the President, as additional alternative forms of import relief, to: (1) direct the Attorney General to review applications from members of the industry in question for antitrust law exemptions; or (2) enter into multilateral negotiations to address problems not susceptible to unilateral solution.

Requires that each report by the President to the Congress that sets forth the import relief actions the President is taking shall include: (1) the probable effects that such import relief will have on the ability of the domestic industry concerned to adjust to imports; (2) all actions which the domestic industry's workers and firms, and the Federal, State, and local governments are taking or have agreed to take to enable the domestic industry to compete more effectively with imports (such actions to be known as the adjustment agreement); and (3) the probable effects the President's import relief will have on consumers.

Authorizes any firm that is part of the industry injured or threatened with injury to apply for an antitrust exemption. Requires the Attorney General to grant such exemption if: (1) the applicants are members of any industry that has been injured or threatened with injury; (2) the action for which the exemption is sought is reasonably related to enhancing competition with foreign competitors to whom market share has been lost and outweighs any adverse competitive impact on the domestic market; and (3) the specified action would not violate other antitrust provisions. Requires the Attorney General to report any such exemption to specified congressional committees.

Requires the President, if the President elects to enter into multilateral negotiations to address problems not susceptible to unilateral solution, to report to the Congress on whether such negotiations have provided any substantial relief to the domestic industry. Requires the President, if such negotiations have not provided relief, to determine whether to increase or impose a duty or other import restriction on the imported article and the duration of such increase or imposition. Requires the import relief that the ITC found to be necessary to take effect upon enactment of a joint resolution disapproving the President's import relief action.

Requires the ITC to evaluate and report to the Congress and the President on the import relief that has been granted after such relief has ended.

Requires the President, if import relief is granted, to establish procedures to monitor the achievement of the goals of the adjustment agreement and to terminate or modify the import relief if the affected parties do not comply with the adjustment agreement. Authorizes the President if import relief is granted to submit legislation to the Congress aimed at achieving the objectives of the adjustment agreement. Provides for expedited consideration of such legislation.

Prohibits the initiation of an import relief investigation with respect to imports of an article for which import relief has previously been provided: (1) at any time within the two years ending on the date of initiation of such investigation; or (2) during any two nonconsecutive periods of time.

Provides that if import relief was provided during any previous nonconsecutive period of time: (1) the sole objective of any subsequent import relief which may be provided with respect to such article shall be facilitation of the orderly transfer to alternative uses of resources in the domestic industry producing an article like, or directly competitive with, such article; (2) any petition requesting subsequent import relief shall specify in the adjustment proposal the means of accomplishing such objective; (3) any subsequent import relief shall be at a level of relief no greater than the level of relief previously provided; and (4) certain extension provisions shall not apply to subsequent import relief.