Persian Gulf Protection Compensation Act of 1987

Persian Gulf Protection Compensation Act of 1987 - Requires the President, in any year when the United States maintains military forces in the Persian Gulf, to report to the Congress on: (1) the cost of operating and maintaining all U.S. military forces in the Persian Gulf; (2) the value of commerce on ships eligible for U.S. protection which pass through the ports of specified Persian Gulf countries; and (3) the value of such commerce delivered to each country.

Directs the President to: (1) impose a temporary surcharge on any articles imported from such countries; and (2) suspend such surcharge with respect to a country when the additional duties collected from that country equal such country's share of the U.S. protection costs based on the relative value of Persian Gulf commerce delivered to that country.