Requires additional tariffs to be imposed on products of any nonmarket economy country (Albania, Armenia, Azerbaijan, Belarus, Cambodia, Georgia, Kyrgyzstan, Laos, Moldova, the People's Republic of China, Tajikistan, Turkmenistan, Ukraine, Uzbekistan, Vietnam and, to the extent that any of their products enter U.S. customs territory, Cuba and North Korea), as well as any other country determined to be a nonmarket economy country until the President certifies to Congress that such country is a market economy country (operating on market principles of cost and pricing structures so that sales of merchandise in such country reflect their fair value).
Directs the Secretary of the Treasury to deposit the amounts generated from such additional tariffs into the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund created by the Social Security Act.
States that, for purposes of this Act, the People's Republic of China shall not be construed to include Taiwan or any island over which Taiwan exercises jurisdiction.