Trade Procedures Reform Act of 1987

Trade Procedures Reform Act of 1987 - Title I: Relief from Injury Caused by Import Competition - Amends the Trade Act of 1974 to require the International Trade Commission (ITC) to consider the inability of a significant number of firms to operate domestic production facilities at a profit in determining whether imports are causing serious injury to a domestic industry.

Adds to the factors that the ITC must consider in determining whether imports pose a threat of serious injury to a domestic industry: (1) any export targeting by a foreign government; (2) the existence of affirmative antidumping or countervailing duty determinations related to merchandise produced by the domestic industry concerned; (3) the inability of the domestic industry concerned to maintain existing levels of research and development; and (4) the extent to which the U.S. market is the focal point for diversion of exports of the article that is the subject of the investigation because of the market access barriers of another country.

Declares that imports of like or directly competitive articles by domestic producers shall not be considered a factor indicating the absence of serious injury, or of the threat of serious injury, to such industry.

Provides accelerated procedures for import relief petitions relating to perishable products. Authorizes the filing of an import relief petition regarding a perishable product with the Secretary of Agriculture. Requires the Secretary to determine whether there is reason to believe that: (1) a perishable product is being imported in such increased quantities as to be a substantial cause of serious injury or threat of serious injury to the competing domestic industry; and (2) emergency action is warranted. Requires the Secretary, within 14 days of receipt of the petition, to make a recommendation of emergency action or publish notification of a determination not to make such a recommendation. Requires the President to take action or publish notification of a decision not to take emergency action within seven days of receipt of the recommendation of the Secretary. Provides for termination of any emergency relief granted by the President.

Requires the President to implement the relief recommended by the ITC unless a bill waiving such relief and providing for the imposition of the President's alternative import relief, if any, is passed by the Congress.

Eliminates the provision that authorizes the President to terminate import relief actions when the President determines it is in the national interest.

Title II: Elimination of Unfair Trade Practices - Includes in the definition of unfair trade practices any practice that threatens to burden or restrict U.S. commerce. Includes among practices that burden U.S. commerce: (1) practices which have adverse effect on trade between the United States and another foreign country; (2) the subsidization of exports of such foreign country that results in the displacement of U.S. exports to another foreign country; (3) the imposition of import restrictions or export performance requirements that result in the diversion of another foreign country's exports to U.S. markets; and (4) the enforcement of trade restraining agreements that result in the diversion of another foreign country's exports to U.S. markets.

Authorizes the President, in order to enforce trade agreements or respond to unfair trade practices, to: (1) enter into agreements that offset or eliminate a burden on U.S. commerce resulting from unfair trade practices; or (2) withdraw or refrain from proclaiming benefits for a foreign country under the Generalized System of Preferences.

Changes the definition of unreasonable trade practices to include any act, policy, or practice (or combination of act, policy, or practice) which denies fair and equitable: (1) market opportunities (including protection of an industry in its formative stages); (2) opportunities for establishment of an enterprise; or (3) protection of intellectual property rights.

Changes the timetable for taking action in response to petitions alleging unfair trade practices. Directs the U.S. Trade Representative (USTR), within 90 days of the start of an investigation into unfair trade practices, to determine whether: (1) the United States is being denied any of its rights under any trade agreement; or (2) an unfair foreign trade practice exists. Requires the USTR to report its findings to the President within 90 days of the start of the investigation and, if appropriate, publish a list of goods and services that could be subject to U.S. actions. Requires the President, within 15 months of the start of an unfair foreign trade investigation, to take whatever actions under specified sections of the Trade Act of 1974 are necessary to enforce U.S. rights under a trade agreement or offset or eliminate unfair foreign trade practices. Authorizes the President to delay taking such actions for up to 90 days only if specified conditions are met. Exempts the President from taking such actions if: (1) the President determines that it was incorrect to find, or is no longer valid to say, that U.S. trade rights are being denied or an unfair trade practice exists; or (2) an agreement that meets specified objectives is reached with the foreign country involved.

Provides for consideration of a finding by the Contracting Parties of the General Agreement on Tariffs and Trade that conflicts with, or differs from, the determination of the USTR.

Provides for termination of actions taken in response to unfair trade practices.

Authorizes the President to enter into compensatory trade agreements in order to meet U.S. international obligations.