Trade Policy and Reorganization Act of 1987

Trade Policy and Reorganization Act of 1987 - Establishes the Department of Trade, to be administered by a Secretary of Trade 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; and (5) develop and implement U.S. policies concerning foreign investments.

Transfers to the Secretary all functions of the U.S. Trade Representative and of the Secretary of Commerce which relate to international trade and investment and to specified agencies and offices of the Department of Commerce. Transfers to the Department of Trade the Export-Import Bank of the United States, the Overseas Private Investment Corporation, and the United States International Trade Commission.

Amends the Trade Expansion Act of 1962 to establish a Trade Policy Committee, chaired by the President, to assist the President in carrying out the functions relating to trade agreements and import relief (replaces an interagency trade organization). Designates the Secretary of Trade as the Vice Chairman and specifies other committee members. Establishes a Trade Negotiating Subcommittee to advise the Secretary on management of international trade and investment. Designates the Secretary of Trade as the President's chief spokesman on trade and requires the Secretary to report directly to the President on all trade policy matters.

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.

Designates the Secretary as the chief representative of the United States for trade negotiation. Requires the Secretary to: (1) report directly to the President and the Congress and to be responsible to both for the administration of trade agreements under this Act and other specified Acts; (2) advise the President and the Congress on matters related to trade agreement programs; and (3) be responsible for specified reports to the Congress and for such other functions as the President may direct.