Promoting Competition in Distressed Industries Act - Amends the Trade Act of 1974 to authorize the President, within 15 days of receiving a finding that imports are adversely affecting a U.S. industry, to request advice from appropriate Federal officials on the probable effectiveness of antitrust relief as a means to enhance the competitiveness of firms in such industry. Requires the President to determine what type of import relief action to take within 30 days of receiving such report. Includes the probable effectiveness of antitrust relief among the factors the President shall consider when determining what type of import relief to provide. Authorizes the President to issue an order providing for antitrust relief as an alternative to, and in lieu of, any other forms of import relief provided that an industry which receives antitrust relief shall receive no other import relief for the next ten years. Authorizes members of the industry covered by such an antitrust relief order to apply for a certificate of exemption for a proposed merger or acquisition. Sets forth the requirements for receiving such exemption.