Trade Law Reform Act of 2003

Trade Law Reform Act of 2003 - Amends the Tariff Act of 1930 to revise various factors that the International Trade Commission (ITC) must consider in making material injury determinations in countervailing duty and antidumping duty proceedings.

Amends the Trade Act of 1974 to change the standard for determining if an imported product is harming domestic producers by requiring a showing that the product causes or threatens to cause serious injury. (Current law requires a product to be a substantial cause of injury).

Amends the Trade Act of 2002 to: (1) direct the U.S. Trade Representative to reject any trade agreement proposal whether through the World Trade Organization (WTO) or with any country if such agreement would weaken existing U.S. trade remedy laws; and (2) expand the President's reporting duties under such Act.

Congressional Advisory Commission on WTO Dispute Settlement Act - Establishes the Congressional Advisory Commission on WTO Dispute Settlement to review all decisions made by a WTO appellate body or dispute settlement panel adversely affecting the United States to determine if such entity acted properly under existing law. Authorizes the Commission to hold public hearings to solicit views concerning a report of such an entity. Expresses the sense of Congress that: (1) a private U.S. person who is supportive of a U.S. position in a trade matter before such an entity should be permitted to observe and have access to the proceedings; (2) the U.S. Trade Representative should provide such person with all pertinent information, and (3) the U.S. Trade Representative should consult with such person and involve such person in dispute settlement proceedings.

Directs the Secretary of Commerce to establish and implement a steel import licensing and surge monitoring program. Requires a person to have a steel import license before entering certain steel products into the United States.

Applies the amendments made by this Act to goods from Canada and Mexico.