A joint resolution authorizing the President to enter into negotiations with foreign governments to limit the importation of automobiles and trucks into the United States.

(Reported to Senate from the Committee on Finance with amendment (without written report))

Authorizes the President to negotiate agreements with foreign governments limiting exports to the United States of automobiles, trucks and the parts used in assembling them. Terminates such authority and any agreements pursuant to such authority on July 1, 1983. Requires the President to determine, in consultation with the Secretary of Commerce and the U.S. Trade Representative: (1) that increased imports are causing or threatening serious injury to the domestic industry; and (2) the domestic industry has exhausted available remedies under the Trade Act of 1974.

States that no person shall be liable under specified Federal statutes based on actions taken pursuant to such agreements.