Trade Policy Enhancement Act of 1987

Trade Policy Enhancement Act of 1987 - Amends the Trade Act of 1974 to provide for the appointment of three Deputy United States Trade Representatives for Negotiations and one Deputy United States Trade Representative for Administration in the Office of the United States Trade Representative (Office). Sets forth the revised duties of the United States Trade Representative (USTR) which include responsibility for developing and coordinating U.S. international trade and competitiveness policy. Provides that: (1) each Deputy USTR for Negotiations shall have as his principal function the conduct of trade negotiations; and (2) the Deputy USTR for Administration shall administer the International Trade Agency.

Expresses the sense of the Congress that the USTR should: (1) be the senior representative to provide the President advice on economic policies with respect to international trade; and (2) be included in all economic summits at which international trade is an issue.

Requires the United States International Trade Commission to provide such information and data as the USTR may request.

Transfers functions, personnel, and appropriations of the International Trade Administration of the Department of Commerce to the Office. Redesignates the International Trade Administration as the International Trade Agency (Agency). Provides that the Agency shall consist of the following bureaus: (1) the Bureau of Export Promotion; (2) the Bureau of Trade Administration; and (3) the Bureau of Foreign Trade Service. Requires the Agency, in addition to those functions transferred to it under this Act, to: (1) carry out all trade negotiation support functions; and (2) undertake a continuing review and analysis of the international competitiveness of the United States and the effect of Federal policies on U.S. producers' ability to compete internationally. Sets forth provisions relating to the transfer of the Agency to the Office.

Amends the Trade Expansion Act of 1962 to establish the Trade Policy Council (Council) within the Executive Office of the President to advise the President and the USTR on international trade policy objectives and the trade competitiveness of the United States.

Amends the Trade Act of 1974 to establish the Congressional Advisory Committee for Trade Policy and Negotiations (Committee). Directs the USTR to consult with the Committee on the overall U.S. trade policy.

Requires a congressional official adviser to report, upon request, to the Committee regarding views of the adviser relating to issues raised at international trade meetings.

Requires the President to include in a statement accompanying any trade agreement submitted to the Congress an explanation of how the trade agreement will further the overall trade policy of the United States.

Requires the President to report annually to the Congress on the overall trade policy objectives of the United States.

Directs the USTR to submit to the House Committee on Ways and Means and the Senate Committee on Finance an annual statement of: (1) the U.S. trade policy objectives for the year; (2) actions to be taken to achieve such objectives, including actions under the trade laws and negotiations with foreign countries; and (3) any proposed legislation to achieve such objectives.

Requires the USTR to consult with: (1) the Committee before submitting such statement; and (2) private and public sector representatives regarding U.S. trade policy objectives.

Requires the USTR to establish an Advisory Committee for Trade Policy and Negotiations to provide overall advice on U.S. trade policy objectives. (Currently, the President is required to establish an Advisory Committee for Trade Negotiations.)

Directs the President to submit to the House Committee on Ways and Means and the Senate Committee on Finance a statement describing the impact that provisions of a regulation, executive order, or executive agreement may have on U.S. imports and exports, the balance of payments, and the ability of the United States to compete in domestic and international markets. Authorizes the President to waive the impact statement if, in order to serve the national interest or deal with an emergency situation, the regulation, order, or agreement must take effect immediately.