Trade Policy and Reorganization Act of 1985

Trade Policy and Reorganization Act of 1985 - Establishes the Department of Trade, to be administered by a Secretary of Trade (the Secretary) appointed by the President. Directs the Secretary, among other things, to: (1) coordinate U.S. policies for promoting beneficial international trade relationships; (2) negotiate U.S. international trade agreements; (3) protect American industry, agriculture, and labor from unfair or injurious foreign competition; (4) develop trade monitoring systems; (5) develop and implement U.S. policies concerning foreign investments; and (6) administer the U.S. Customs Service and maintain the U.S. tariff schedules.

Transfers to the Secretary all functions of: (1) the U.S. Trade Representative; (2) the Secretary of Commerce which relate to international trade and investment and to specified agencies and offices of the Department of Commerce; and (3) the President under chapter I of title II and chapter I of title III of the Trade Act of 1974. Transfers to the Department of Trade the Export-Import Bank of the United States, the Overseas Private Investment Corporation, and the U.S. International Trade Commission.

Amends the Trade Expansion Act of 1962 to establish in the Executive Office of the President a Trade Policy Committee which shall assist the President in carrying out certain import relief functions pursuant to the Trade Act of 1974. (The Committee replaces the interagency trade organization established by such Act.) Establishes a Trade Negotiating Subcommittee which shall advise the Secretary on the management of international trade and investment negotiations.

Sets forth administrative provisions applicable to the Department of Trade.

Directs the Secretary to submit a report annually to the President for submission to the Congress on the Department's activities. Provides for the transfer of personnel, assets, records, and funding to correspond with the transfers of functions, offices, and agencies made by this Act.

Terminates: (1) the Office of the U.S. Trade Representative; (2) the International Trade Administration; (3) the Bureau of Industrial Economics; (4) the Bureau of Economic Analysis; (5) the U.S. Travel and Tourism Administration; and (6) the National Telecommunications and Information Administration. Makes technical and conforming amendments to specified Acts to reflect the executive reorganization made by this Act.