Fair Trade with Japan Act

Fair Trade With Japan Act - Directs the President to limit Japanese imports for one year after the President determines that: (1) Japanese trade barriers unduly burden or are likely to unduly burden U.S. foreign trade or adversely affect or are likely to adversely affect the U.S. economy; or (2) Japanese governmental support of its domestic businesses provide such businesses with an unfair advantage in the Japanese market or harm the competitiveness of U.S. firms in that market. Sets forth a formula linking the limitation on Japanese imports to the value of U.S. exports to Japan. Authorizes the President to increase the amount of permissible Japanese imports. Exempts from this limitation articles manufactured in Japan if at least 35 percent of their value consists of U.S. products.

Authorizes the President to rescind the limitation if Japan takes remedial action.