A bill to prevent the misalignment of the United States dollar, to improve the United States response to unfair trading practices, to provide for a more effective import relief program, and for other purposes.

[AI summary unavailable — showing source text] Title I: Prevention of Currency Misalignments - Amends the Trade Act of 1974 to direct the President to proclaim for the appropriate period import restrictions whenever large and serious imbalances in external accounts require special import measures to restrict imports to: (1) deal with U.S. deficits; (2) prevent depreciation of the dollar in foreign exchange markets; or (2) cooperate with other countries in correcting a persistent misalignment of exchange rates. Authorizes the President to proclaim for the appropriate period special measures to increase imports whenever large and serious imbalances in external accounts require such measures to: (1) deal with large and persistent current account surpluses; (2) prevent significant appreciation of the dollar in foreign exchange markets; or (3) cooperate with other countries in correcting a persistent misalignment of exchange rates. (Current law requires the President to proclaim such import restrictions or measures to increase imports whenever required by basic international payments problems.) Directs the President to decide when a large and serious U.S. deficit or surplus exists except that such a deficit or surplus shall be consi…