A bill to amend the Tariff Schedules of the United States with respect to the dutiable status of watches and watch movements from insular possessions of the United States.

[AI summary unavailable — showing source text] Amends the Tariff Schedules of the United States to change the dutiable status of watches and watch movements imported from insular possessions of the United States. Defines the insular possessions as the Virgin Islands, Guam, and American Samoa. Authorizes duty-free importation of watches and watch movements built in the insular possessions without regard to the value of the foreign materials they contain if they meet specified conditions. Imposes a quota on the number of such watches and watch movements that may be imported duty-free during calendar year 1983. Directs the Secretaries of Commerce and of the Interior to establish quotas for subsequent calendar years. Sets forth guidelines for determining such quotas. Allocates the number of duty-free imports of watches, and watch movements among the three possessions for calendar year 1983. Authorizes the Secretaries to establish new territorial shares for subsequent calendar years. Directs the Secretaries to allocate the duty exemptions among producers located in the insular possessions. Directs the Secretaries to verify the wages paid by producers to permanent residents of the insular possessions in the preceding calendar year. D…