Small Business Bilateral Free Trade Act of 1987

Small Business Bilateral Free Trade Act of 1987 - Amends the Trade Act of 1974 to authorize the President to enter into a trade agreement with Canada which provides more equitable tariff treatment for United States furniture, recreational marine craft, and printed products.

Requires such agreement to provide for eliminating: (1) differing tariff levels on trade between the United States and Canada involving furniture, recreational marine craft, and printed products; and (2) any Canadian nontariff barrier to United States furniture, recreational marine craft, and printed products.

Requires the President, when negotiating an agreement with Canada, to consider for furniture, recreational marine craft, and printed products: (1) trade distortions resulting from inequitable tariff treatment by Canada; (2) adverse employment impacts in the United States; and (3) the effect of the overvalued dollar and persistently high interest rates in the United States on imports and exports of such products.

Provides that if a trade agreement is not reached before September 6, 1988, the rate of duty on each Canadian furniture, recreational marine craft, and printed product entering the United States between that date and March 1, 1989, shall be the lower of: (1) 150 percent of the duty in effect for a product of that kind on the date of enactment of this Act; and (2) the duty equal to the Canadian rate of duty for a like U.S. product on the date of enactment.

Provides that if a trade agreement is not reached before March 1, 1989, the rate of duty on each Canadian furniture, recreational marine craft, and printed product entering the United States shall equal the Canadian rate of duty for a like U.S. product in effect on that day and shall be reviewed biannually to equalize changes in Canadian rates.

Requires the President to consult with the Senate Finance Committee and the House Ways and Means Committee when negotiating such a trade agreement with Canada.