To withdraw normal trade relations treatment from the products of the People's Republic of China, to provide for a balanced trade relationship between that country and the United States, and for other purposes.

Summary: Emergency China Trade Act of 2010 - Expresses the sense of Congress that: (1) a persistent trade deficit with the People's Republic of China (PRC) is harmful to the long-term health of the U.S. economy and must be corrected; and (2) the President should begin immediate negotiations with the PRC to eliminate the trade deficit within four years.

Withdraws the extension of nondiscriminatory treatment (normal trade relations) from PRC products.

Requires the President to: (1) negotiate a balanced trade relationship between the United States and the PRC within four years after enactment of this Act; and (2) submit trade implementing legislation to Congress, which shall be considered on an expedited basis.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Emergency China Trade Act of 2010''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) The United States and the People's Republic of China 
        are among the world's largest economies and are among the 
        world's largest producers and consumers of goods.
            (2) The Government of the People's Republic of China has 
        pursued an international trade policy that violates its 
        obligations as a member of the World Trade Organization and 
        other international organizations, which has resulted in a 
        perpetual, historically high trade imbalance with the United 
        States that threatens the stability of the global economy.
            (3) As members of both the World Trade Organization and the 
        International Monetary Fund, the People's Republic of China has 
        assumed a series of international legal obligations to 
        eliminate all subsidies for exports and to facilitate 
        international trade. The People's Republic of China has failed 
        to do so.
            (4) The Chinese Government continues to maintain control 
        over the decisions of Chinese enterprises through ownership, 
        board membership, and coercion.
            (5) The Chinese Government, directly and indirectly, 
        facilitates unfair requirements for coproduction agreements 
        between United States companies and Chinese entities.
            (6) Since 1994, the People's Republic of China has 
        repeatedly intervened in currency markets and taken measures 
        that have significantly misaligned the value of its currency 
        against the United States dollar and other currencies. This 
        policy by the People's Republic of China has resulted in 
        substantial undervaluation of the renminbi by up to 40 percent 
        or more.

SEC. 3. SENSE OF CONGRESS.

    It is the sense of Congress that--
            (1) a persistent trade deficit with the People's Republic 
        of China is harmful to the long-term health of the United 
        States economy and must be corrected; and
            (2) the President should begin immediate, expedited 
        negotiations with the People's Republic of China that are 
        designed to eliminate the trade deficit within 4 years.

SEC. 4. WITHDRAWAL OF NORMAL TRADE RELATIONS TREATMENT FROM THE 
              PEOPLE'S REPUBLIC OF CHINA.

    Notwithstanding the provisions of title I of Public Law 106-286, 
title IV of the Trade Act of 1974, or any other provision of law, upon 
the expiration of the 6-month period beginning on the date of the 
enactment of this Act--
            (1) normal trade relations treatment shall not apply to the 
        products of the People's Republic of China, and normal trade 
        relations treatment may not thereafter be extended to the 
        products of that country; and
            (2) the column 2 rate of duty under the Harmonized Tariff 
        Schedule of the United States shall apply to the products of 
        the People's Republic of China.

SEC. 5. BALANCED TRADE RELATIONS WITH THE PEOPLE'S REPUBLIC OF CHINA.

    (a) In General.--The President shall, upon the enactment of this 
Act, take the necessary steps to negotiate a trade relationship with 
the People's Republic of China that will achieve and maintain balanced 
trade between the United States and the People's Republic of China 
within four years after the date of the enactment of this Act.
    (b) Submission of Implementing Legislation.--
            (1) In general.--Upon conclusion of the negotiations 
        specified in subsection (a), the President shall submit 
        implementing legislation to Congress.
            (2) Implementing legislation.--For purposes of this 
        section, the term ``implementing legislation'' means 
        legislation that only contains provisions that are necessary to 
        carry out any agreements negotiated under subsection (a).
            (3) Expedited consideration.--
                    (A) In the house of representatives.--For the 
                purpose of expediting the consideration and enactment 
                of implementing legislation submitted under paragraph 
                (1), a motion to proceed to the consideration of such 
                implementing legislation after it has been reported by 
                the appropriate committee shall be treated as highly 
                privileged in the House of Representatives.
                    (B) In the senate.--Implementing legislation 
                submitted under paragraph (1) shall be considered in 
                the Senate in accordance with the provisions of section 
                601(b) of the International Security Assistance and 
                Arms Export Control Act of 1976.
    (c) Effect of Enactment of Implementing Legislation.--Upon the 
enactment of implementing legislation under this section, section 4 
shall cease to be effective.

SEC. 6. DEFINITIONS.

    In this Act, the term ``balanced trade'' means a balance of trade 
between the United States and the People's Republic of China that 
ensures the value of United States goods exported from the United 
States, on a balance of payment basis, is equal in value to goods 
imported from the People's Republic of China, on a balance of payment 
basis.