Fair Trade Enforcement Act of 1992

Fair Trade Enforcement Act of 1992 - Amends the Trade Act of 1974 to make permanent the "Super 301" program which identifies certain trade priority practices. Requires the United States Trade Representative (USTR), not later than 60 days (currently 30 days) after the National Trade Estimates Report is submitted to the appropriate congressional committees, to identify as a priority practice: (1) any act, policy, or practice of a foreign country which constitutes a significant barrier to or distortion of U.S. exports of goods or services (including agricultural commodities and intellectual property) and U.S. foreign investment, and any other major barrier and trade distorting practice, the elimination of which is likely to have the most significant potential to increase U.S. exports; (2) any major barrier and trade distorting practice in the agricultural, manufacturing, and service sectors; and (3) the major barriers and trade distorting practices of each foreign country that accounted for at least 15 percent of any U.S. merchandise trade balance deficit for any calendar year excluding trade petroleum imports, if such country also had a global current account surplus for such year in an amount not less than such deficit. Relieves the USTR of the duty to identify practices in either the agricultural, manufacturing, or services sector where the USTR certifies to the Congress for any calendar year that major barriers and trade distorting practices do not exist or have been eliminated.

Requires the USTR, at the time such identification is made, to submit to specified congressional committees and publish in the Federal Register, a report which lists: (1) the identified priority practices; and (2) the estimated amount of U.S. exports lost as a result of such practices.

Directs the USTR to initiate an investigation with respect to such practices upon: (1) the adoption of a resolution by either the House Committee on Ways and Means or the Senate Committee on Finance; or (2) a joint resolution by either the Senate or the House of Representatives. Provides for "fast track" procedures for the latter.

Directs the USTR, upon identification of a priority practice or the adoption of a resolution, to initiate an investigation to determine whether U.S. rights under a trade agreement are being denied or a foreign country is conducting unfair trade practices and to publish notice of the investigation in the Federal Register.

Requires the USTR, if an investigation is initiated, to make an affirmative determination that: (1) the rights to which the United States is entitled under a trade agreement are being denied; or (2) an unfair trade act, policy, or practice of a foreign country exists.

Requires the President, whenever a priority practice has been identified in cases where a trade dispute settlement cannot be resolved, to direct the USTR to take specified actions against such practices or submit to the Congress an alternative plan for their elimination.

Provides for specified mandatory and discretionary authority for the USTR to take specified trade action against a foreign country whose acts, policies, or practices threaten to burden or restrict U.S. commerce.

Declares that an act, policy, or practice that threatens to burden or restrict U.S. commerce is an act, policy, or practice that does not currently burden or restrict such commerce, but, if not corrected, is reasonably expected to do so.