Rice Equity and Export Expansion Act of 1987

Rice Equity and Export Expansion Act of 1987 - Title I: Actions to Achieve Equity and Export Expansion - Sets forth the primary and secondary negotiating objectives of the United States regarding the international trade in rice. Requires the U.S. Trade Representative (USTR), in consultation with the Secretary of Agriculture and the interagency trade organization established pursuant to the Trade Expansion Act of 1962, to investigate no fewer than 15 countries with the largest potential rice markets for the purposes of: (1) identifying and analyzing the trade practices of the markets of each such country that deny fully competitive market opportunities for the U.S. rice industry; and (2) establishing the specific primary and secondary negotiating objectives that should be pursued in trade negotiations with such countries. Sets a deadline for completion of such investigation. Authorizes the USTR, upon his own motion or upon request, to undertake similar investigations of other countries if specified conditions exist. Requires the USTR to review at least annually the potential market for rice in countries that have been excluded from previous investigations. Provides for investigating such countries if specified conditions exist. Requires the USTR to report to specified congressional committees on investigations undertaken pursuant to this Act.

Requires the President to enter into negotiations with countries after the USTR has completed investigations of such countries. Provides that the purpose of such negotiations shall be to reach trade agreements which achieve the specific primary and secondary negotiating objectives that were established with regard to such countries. Requires the President to take the following actions to achieve the primary negotiating objectives if the negotiations do not produce a trade agreement within a specified time frame: (1) terminate, withdraw, or suspend any trade agreement relating to any duty or import restriction imposed by the United States; (2) take any action described in section 301 of the Trade Act of 1974; (3) forbid the Federal Government from purchasing products of a specified foreign country; (4) increase domestic preferences for purchases by the Federal Government; (5) suspend waivers of domestic preferences; (6) deny Federal funds or credits for purchases of any product of a specified foreign country; and (7) suspend benefits accorded articles from specified foreign countries under title V of the Trade Act of 1974. Authorizes the President to take such actions to achieve the secondary negotiating objectives. Provides for extensions of the negotiating period. Authorizes the President to modify or terminate any action described in this paragraph. Requires the President to report to specified congressional committees on such actions.

Requires the USTR to review annually each trade agreement regarding rice (including those entered into pursuant to this Act and those that were in force before enactment of this Act) to determine whether any foreign country's act, policy, or practice: (1) is not in compliance with such agreement; or (2) otherwise denies to the U.S. rice industry fully competitive market opportunities in that foreign country. Requires the USTR, in undertaking such reviews, to consider any evidence of actual patterns of trade that do not reflect patterns of trade which would reasonably be anticipated to flow from the concessions of such country based on the international competitive position and export potential of U.S. rice.

Requires the USTR, if the USTR finds that a country is not in compliance with a trade agreement or denies market opportunities to the U.S. rice industry, to take whatever action (termination, withdrawal, or suspension of a trade agreement relating to a U.S. duty or import restriction or action under section 301 of the Trade Act of 1974) is necessary to offset such foreign trade practice and to restore the balance of concessions between the United States and such foreign country. Declares that no such action by the USTR shall affect contractual obligations of U.S. citizens if the contracts were entered into before enactment of this Act. Authorizes the USTR to modify or terminate such action under specified conditions. Requires the USTR to notify specified congressional committees of such actions.

Provides for consultations with the Secretary of Agriculture, a specified interagency trade organization, the private sector, and the Congress in carrying out this Act.

Grants the President the authority to enter into trade agreements during the 24 months following enactment of this Act in order to achieve the primary and secondary negotiating objectives of this Act. Authorizes such agreements to provide that the benefits and obligations of such agreements apply solely to the parties to the agreement or do not apply uniformly to all parties to such agreement.

Grants the President the authority to enter into compensatory trade agreements if the President or the USTR take certain actions under this title and such action is found to be inconsistent with U.S. international obligations.

Declares that nothing in this title shall be construed to require the President and the Congress to act in a manner inconsistent with U.S. international obligations.

Title II: Negotiating Objectives in the Uruguay Round of Multilateral Trade Negotiations - Includes among the principal trade negotiating objectives of the United States: (1) the achievement of more open and fair conditions of agricultural trade; and (2) the encouragement of U.S. rice exports by reducing or eliminating foreign barriers to international trade in rice and by ensuring that countries that have made commitments to open markets abide by such commitments.

Title III: Dispute Resolution - Amends the Trade Act of 1974 to request formal dispute settlement procedures, if appropriate, with respect to agricultural products covered by a trade agreement that is the subject of an investigation by the USTR.