Milk Protein Fair Trade Act of 1987

Milk Protein Fair Trade Act of 1987 - Directs the President to limit imports of milk protein products to 50 percent of the average quantity of such products annually imported between January 1, 1979, and December 31, 1983. Terminates such limit on December 31, 1990. Directs the Secretary of Agriculture to establish an import licensing system for foreign milk protein products which gives: (1) first preference to importers or users who establish that there are no substitutes for their products; (2) second preference to importers or users who establish that domestically produced skim milk or skim milk solids cannot be substituted for their products; and (3) third preference to all other importers or users.

Amends the Tariff Schedules of the United States to reclassify and impose a duty on casein, caseinates, and milk protein concentrate for human food and animal feed use.