Placing Restrictions on Teargas Exports and Crowd Control Technology to Hong Kong Act or the PROTECT Hong Kong Act This bill directs the President to prohibit the issuance of licenses to export certain defense items and services to the Hong Kong Police Force or the Hong Kong Auxiliary Police Force. Items subject to the prohibition include defense articles and services on the U.S. Munitions List and certain crime-control and detection technology and software. The prohibition shall not apply to a particular license if the President certifies to Congress that the covered exports are important to U.S. national interests and foreign policy goals. The prohibitions shall terminate when the President certifies to Congress that (1) the covered Hong Kong forces have not engaged in gross human rights violations for the one-year period leading up to the certification, (2) there has been an independent examination of human rights concerns related to the covered forces' crowd-control tactics, and (3) and the Hong Kong government has adequately addressed such concerns. The Department of State and the Department of Commerce shall report to Congress as to items subject to the prohibition that have been exported to the Hong Kong forces covered in the bill in the last five years.