To authorize appropriate action if the negotiations with the People's Republic of China regarding China's undervalued currency and currency manipulation are not successful.
Imposes an additional duty rate of 27.5 % ad valorem on any article imported into the United States that is the growth, product, or manufacture of the People's Republic of China (PRC) unless the President certifies to Congress that: (1) the PRC is no longer manipulating the exchange rate between its currency and the U.S. dollar in order to prevent an effective balance of payments and gain an unfair international trade advantage; and (2) the PRC's currency is valued in accordance with accepted market-based trading policies.
Directs the Secretary of the Treasury to begin negotiations with the PRC for adoption of a market-based currency valuation.
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