Trade Policy Act of 1985

Trade Policy Act of 1985 - Declares the United States should: (1) coordinate Federal activities in order to form a systematic trade policy; (2) provide for the collection and evaluation of data necessary to form such a policy; and (3) build a new system of international trade and financial agreements.

Establishes the National Trade Data Committee which shall: (1) establish and maintain a National Trade Data Bank; and (2) provide for the analysis and effective dissemination of information in the National Trade Data Bank. Requires the National Trade Data Bank to consist of international economic and trade data and to serve as a clearinghouse for such data.

Requires the National Trade Data Committee to report to the Congress annually on the Data Bank and the information it contains.

Excludes the actions of the National Trade Data Committee from certain provisions governing coordination of activities with the Office of Information and Regulatory Affairs.

Amends the Trade Expansion Act of 1962 to establish in the Executive Office of the President a National Trade Council which will advise the President on coordinating national and international policies relating to trade. Terminates the Trade Policy Committee upon enactment of this Act.

Establishes the Commission on U.S. Trade in the 1990's which shall study and make recommendations concerning U.S. international trade and export policies. Requires the Commission to report to the Congress by July 1, 1987. Authorizes appropriations for FY 1986 and 1987.

Amends the Trade Act of 1974 to require the President, by December 31, 1995, to take such action as may be necessary to: (1) revise all U.S. trade and financial agreements in order to meet specified objectives; or (2) replace such agreements with new agreements that meet such objectives. Requires such agreements to: (1) provide for the reciprocal exchange of obligations that are likely to be mutually economically advantageous to the signatories; (2) provide a reasonable likelihood that the United States can enforce the obligations of such agreements; (3) complement and reinforce other agreements; and (4) be subject to certain withdrawal provisions and fulfill certain objectives. Authorizes entering into a replacement agreement only if the President, before starting formal negotiations of such agreement: (1) notified specified congressional committees of such negotiations; and (2) consulted with such committees on such negotiations. Sets forth special provisions governing congressional consideration of a bill implementing such agreement.