This bill amends the Trade Expansion Act of 1962 to require congressional approval for a presidential adjustment of an import due to a national security threat. Specifically, the bill requires the President to submit a proposal to Congress, which Congress may approve by a joint resolution. Under current law, the President determines whether any adjustment of an import is necessary, and must submit to Congress the reasons for any action taken or not taken.

The bill retroactively applies to any proposed action made two years before enactment of this bill. In general, any rate of duty modification occurring in the time period two years before enactment of this bill and the date before enactment of this bill must revert to the previous rate.