Preventing Adversaries from Developing Critical Capabilities Act This bill requires the President to (1) identify categories of technologies and products in certain advanced technology sectors that may pose a particularly acute threat to national security if developed or acquired by North Korea, China, Russia, or Iran; and (2) prohibit U.S. persons from engaging in transactions related to identified categories with those countries. The Department of State should conduct bilateral and multilateral engagement with partners and allies to coordinate protocols and procedures to facilitate the prevention of such transactions. Additionally, the President is authorized to exercise all emergency economic powers to implement this bill, including imposing sanctions on foreign persons.