Trade Law Reform Act of 2007

Trade Law Reform Act of 2007 - Amends the Tariff Act of 1930 to revise factors that the International Trade Commission (ITC) must consider in making material injury determinations in countervailing duty and antidumping duty proceedings.

Repeals the one-year monitoring program for cases involving persistent dumping. Requires initiation of an expedited antidumping duty investigation in such cases.

Modifies certain factors used to value freight for imputs in nonmarket economy country antidumping calculations.

Requires enactment of a joint resolution by Congress before revocation of a foreign country as a nonmarket economy country. (Currently, the administering authority has power to make such a revocation without prior congressional approval.)

Applies countervailing duty provisions to nonmarket economy countries.

Requires the imposition of an antidumping duty on imported merchandise that is made up (downstream dumping) of one or more depressed-price products (a product purchased at a price that is lower than the generally available price of the product in the country of manufacture or at a price that is lower due to subsidies or sales at below foreign market for such product) if a U.S. industry producing a product used in the manufacture of such merchandise has been materially injured or threatened with material injury or the establishment of such industry has been materially retarded.

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) urge the U.S. Trade Representative (USTR) to reject any trade agreement proposal, whether through the World Trade Organization (WTO) or with any country, that would weaken existing U.S. trade remedy laws; and (2) increase 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.

Makes permanent a certain steel import licensing and monitoring program.

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

Requires participation in WTO consultations and panel proceedings of certain private U.S. persons supportive of the government's position before a dispute settlement panel or Appellate Body of the WTO where the USTR seeks to: (1) enforce U.S. rights under a multilateral trade agreement; or (2) defend a challenged action or determination of the U.S. government.