International Trade and Investment Act Amendments of 1985

International Trade and Investment Act Amendments of 1985 - Title I: Mandatory Presidential Actions Regarding Barriers to Market Access - Amends the Trade Act of 1974 to require the U.S. Trade Representative (USTR) to: (1) identify and analyze U.S. acts, policies, or practices which constitute significant barriers to, or distortions of, foreign trade or investment in U.S. markets; and (2) estimate the trade-distorting impact on U.S. commerce of any such act, policy, or practice.

Requires the USTR to submit the annual analysis of trade barriers required by the International Trade and Investment Act of 1984 to two additional congressional committees.

Authorizes the President to provide certain import relief for products adversely affected by imports.

Directs the President to report annually to the Congress those countries: (1) with which the United States has a substantial current account deficit; and (2) which engage in practices which constitute substantial and systematic barriers to U.S. exports of goods or services or foreign direct investment by U.S. persons and have a substantial trade distorting impact on U.S. commerce. Directs the President, upon reporting that a country meets such standards, to: (1) initiate specific action which shall have an immediate and identifiable impact on the trade imbalance with that country; (2) report to the Congress the nature of the action taken and its expected effect; (3) provide an opportunity for the presentation of views concerning such action; (4) direct the USTR to initiate negotiations with such country and initiate consultations with other trading partners on the potential effect of U.S. action; and (5) try to identify incentives that would form a basis for further negotiations to provide equitable market opportunities. Provides that actions taken by the President shall remain in effect until the satisfactory conclusion of negotiations between the USTR and the affected country. Prohibits the President from rescinding such action based on a satisfactory conclusion of negotiations unless the President certifies to the Congress that the country subject to such action has taken specific steps to remove its market access barriers.

Title II: Adjustment Plans for Industries Requesting Import Relief - Directs the International Trade Commission (ITC), within 45 days of the date that a petition for import relief is filed, to make a preliminary determination as to whether there is a reasonable indication that the serious injury or threat of serious injury to the domestic industry exists. Directs the ITC to conclude the investigation if it does not find a reasonable indication of such threat or injury. Directs the ITC to continue the investigation if it finds a reasonable indication of such injury or threat. Directs the Chairman of the ITC, if a reasonable indication of such injury or threat is found, to establish an adjustment plan board. Requires the adjustment plan board to establish a plan to enable the industry that claims it is adversely affected by imports to adjust to changing economic conditions resulting from imports or otherwise and to become more competitive internationally.

Directs the board to recommend forms of import relief other than those contained in the Trade Act of 1974 if it believes that such other relief would be appropriate. Authorizes the ITC to recommend the implementation of such aspects of an approved adjustment plan as it considers appropriate. Authorizes the President to use those aspects of an approved adjustment plan for an industry adversely affected by imports. Directs the President to explain why aspects of an approved adjustment plan are not implemented.

Directs the ITC, if it finds that imports are an important but not a substantial cause of serious injury or threat of injury to an industry and that relief other than an increase in import restrictions and provision of trade adjustment assistance is warranted, to recommend to the President alternative import relief. Directs the President to propose implementing such alternative import relief unless it is not in the national economic interest. Requires the President to explain to the Congress if the President decides not to implement such alternative relief.