Emergency Infant Formula Act This bill addresses the shortage of infant formula in the United States, including by authorizing the President to take certain actions to expedite the importation of such formula. Specifically, the bill authorizes the President to declare through an executive order that a shortage of infant formula exists in the United States. Additionally, the President may authorize the importation, distribution, and sale of any covered infant formula if the applicable brand, manufacturer, manufacturing plant, or the specific infant formula product is included in the executive order. Covered infant formula generally refers to any infant formula that is lawfully marketed in the European Union, Canada, Japan, the United Kingdom, or any country the President determines has sufficient health and safety standards with respect to infant formula. The bill exempts imported infant formula from U.S. labeling requirements. The Food and Drug Administration (FDA) must require retailers of imported infant formula to place a label on the product indicating it has not been approved by the FDA. The bill also authorizes the President to reduce or suspend any duties on the importation of covered infant formula or articles used in the production of infant formula. U.S. Customs and Border Protection must give the highest priority and take steps as necessary to expedite the processing of all entries of covered infant formula and articles used in the production of infant formula.