American Trade, Growth, and Employment Promotion Act

American Trade, Growth, and Employment Promotion Act - Title I: Expanded Trade Negotiating Authority - Directs the President to begin negotiations with Mexico, the Caribbean Basin countries, and Canada to establish a North American free trade area. Requires any agreement reached through such negotiations to be reciprocal and to provide mutual reductions in trade barriers.

Authorizes the President to enter into bilateral and multilateral trade agreements with foreign countries to establish expanded trade areas. Requires any such agreement to ensure a mutual and reciprocal reduction of tariff and nontariff trade barriers.

Authorizes the President to enter into trade agreements with any developing country for the purpose of establishing expanded trade areas and ultimately promoting a reciprocal reduction in trade barriers. Requires such agreements to provide for a gradual (within five years) reduction or elimination of tariff and nontariff trade barriers by the developing country. Authorizes the President to enter into such an agreement only if the President determines that: (1) the benefits to the developing country are justified in terms of its per capita income, economic development, and international competitive position; and (2) such gradual reduction of trade barriers is mutually advantageous. Requires the President to terminate or suspend such agreement if the President determines that the developing country has failed to carry out its obligations under the agreement.

Authorizes the President to enter into any multilateral trade agreement resulting from the Uruguay round of trade negotiations conducted under the General Agreement on Tariffs and Trade.

Authorizes the President to exclude from any agreements negotiated under this title any article if such exclusion is necessary to achieve an agreement for an expanded trade area.

Sets forth the requirements for implementation of trade agreements entered into under this title. Sets forth a congressional veto procedure with respect to the implementation of proposed trade agreements.

Title II: Elimination of Unfair Trade Practices and Barriers to Trade - Requires the President, if the President determines that a foreign country consistently engages in unfair trade practices identified in a specified report submitted to the Congress under the Trade Act of 1974, to: (1) suspend or terminate any negotiations with such country under title I if insufficient progress is being made in obtaining an agreement to expand trade; (2) initiate negotiations with any other country whose exports compete with the exports of such country in order to establish an expanded trade area with such other country; or (3) expedite any existing negotiations under title I with any other country whose exports compete with the exports of such country in order to establish an expanded trade area with such other country.

Amends the Trade Act of 1974 to require the United States Trade Representative (USTR) to conduct an annual study to: (1) identify foreign trade practices that constitute barriers to U.S. commerce; (2) estimate the trade-distorting impact of such barriers; (3) identify export subsidies offered by foreign countries; (4) identify U.S. trade practices that constitute barriers to foreign imports into the United States; and (5) distinguish between those practices identified under (1) and (2) which appear to be illegal impediments to trade and those that are legal impediments to trade.

Title III: Anti-Protectionism and Trade Promotion - Requires the Director of the Congressional Budget Office to prepare for each bill or joint resolution reported by any congressional committee that may affect international trade an estimate of: (1) the impact such bill or joint resolution would have on U.S. consumers; and (2) the costs of such bill or joint resolution to U.S. consumers. Requires such estimate to be submitted to the appropriate committees and to be included in their reports. Declares that it shall not be in order for either House of the Congress to consider any bill or joint resolution if the report of the committee does not contain such estimate.

Requires the Secretary of the Treasury to submit annually to the USTR a list, by country, of current loan disbursements and any loan applications that are likely to be brought before loan review committees of multilateral development banks during the calendar year. Requires the USTR to identify the foreign countries on that list that take actions or maintain policies that: (1) restrict the sale of U.S. products in their markets; or (2) provide an unfair economic advantage for their products over U.S. products. Requires the USTR to compare the practices of such foreign countries with U.S. practices. Requires the Secretary of the Treasury and the USTR jointly to develop recommendations of trade liberalization actions for foreign countries identified on such list. Requires the Secretary of the Treasury to instruct the U.S. executive directors of each multilateral development bank and of the International Monetary Fund to: (1) oppose loans to any foreign country identified on such list that refuses to accept the trade liberalization recommendations developed by the Secretary and the USTR; and (2) oppose any "drawing" of any approved loan by such a country if it has failed to carry out the trade liberalization recommendations developed as a condition of the loan.