Protect American Beef Act.

Protect American Beef Act  This bill expands presidential trade authorities by allowing for a reciprocal trade agreement between the United States and Australia with respect to Wagyu beef. The bill allows the President, in certain circumstances, to (1) negotiate with Australia for tariff reductions on exported Wagyu beef, or (2) impose additional duties on imported Wagyu beef. Specifically, the President may take these actions if it is determined that Australia (1) when importing Wagyu beef from the United States, applies a higher rate of duty on Wagyu beef than the rate imposed by the United States when the Wagyu beef is imported from Australia; or (2) similarly imposes other, nontariff trade restrictions on that Wagyu beef. The President must terminate a rate of duty increase under this bill if Australia no longer applies such higher rates or nontariff trade restrictions, or if the higher rate is no longer in the interest of the United States.