A bill to improve the formulation of United States international trade policy.

Requires the head of each Federal agency, before taking any major action that may affect international trade, to study, and publish a report on, the potential impact such action will have on U.S. international trade and on the international competitiveness of U.S. firms. Exempts emergency actions and certain other actions from such reporting requirement. Requires the head of each Federal agency to include such report with any proposed legislation made to the Congress.

Amends the Trade Expansion Act of 1962 to establish in the Executive Office of the President the National Trade Council, which shall: (1) advise the President on the coordination of national and international policies relating to trade; (2) assess U.S. international trade policies and objectives; (3) consider policies on matters of common interest to Federal agencies concerned with international trade; (4) consider the relationship between the U.S. standard of living and U.S. trade policies; and (5) evaluate the effects of U.S. trade policies and objectives on the national security.

Provides for consultations between members of the Council and representatives of the private sector. Requires the Council to report to the President as appropriate or upon request of the President.

Terminates the Trade Policy Committee.

Establishes the National Trade Data Committee to: (1) establish and maintain a National Trade Data Bank; (2) analyze information in the National Trade Data Bank; (3) disseminate such information to export businesses in a timely manner; and (4) coordinate the gathering and dissemination of commercial information relating to international trade by the Federal Government. Sets forth information to be included in the National Trade Data Bank.

Requires each Federal agency to cooperate in providing information for assimilation into the National Trade Data Bank.

Requires the Committee to report annually to the Congress: (1) assessing the current quality, comprehensiveness, and accessibility of trade data; (2) describing actions that have been taken and that are planned to be taken pursuant to this Act; (3) recommending actions which would ensure that U.S. citizens and firms obtain access to foreign data banks that is similar to the access provided foreign citizens and firms to the National Trade Data Bank; and (4) recommending other legislative actions.

Exempts from the Paperwork Reduction Act of 1980 certain actions taken to carry out this Act.