Trade Procedures Reform Act

Trade Procedures Reform Act - Amends the Antidumping Act of 1921 to require the payment of an estimated special dumping duty on those foreign goods where it has been determined that such goods are likely to be sold in the United States at less than fair value. Requires the importer to furnish such information as the Secretary of the Treasury deems necessary for ascertaining any special dumping duty to be imposed. Provides for the refund of any excess estimated special dumping duty paid by the importer. Permits the Secretary to use data developed while investigating whether foreign goods are being sold at less than fair value in determining the special dumping duty.

Directs the Secretary to notify the International Trade Commission and to determine whether to initiate an investigation whenever the Secretary receives information that foreign goods are being, or are likely to be, sold in the United States or elsewhere at less than fair value which may hurt U.S. industries. Directs (1) the Commission to determine whether U.S. industry may be harmed and (2) the Secretary to determine whether such goods are being, or are likely to be, sold at less than fair value. Requires the Secretary to make public any determinations within five months of the initiation of the investigation.

Requires the Secretary to report annually to Congress concerning dumping investigations and any special dumping duties collected.

Amends the Trade Act of 1974 to permit the President to reduce or terminate any import relief unless Congress disapproves of such action.

Directs the Special Representative for Trade Negotiations, upon receiving information that a foreign country or instrumentality is engaged in an unfair trade practice with respect to certain goods, to inquire into such practice. Directs the Special Representative to investigate such practice after conducting the inquiry into whether such investigation is warranted. Requires the Special Representative to make public any determinations within five months after publishing notice of the investigation. Requires the Special Representative to provide for appropriate public hearings and to make public any final recommendation within 30 days of such hearings concerning the need for action against unfair trade practices.

Amends the Tariff Act of 1930 to require the Secretary to investigate whether any bounty or grant is being paid or bestowed upon exports into the United States within 30 days after a petion is filed or information is received concerning such bounty or grant. Directs the Commission to investigate unfair methods of competition by imported goods within 30 days after receiving a complaint.