Semiconductor Trade Fairness Act

Semiconductor Trade Fairness Act - Directs the President to take all actions that are necessary to: (1) enforce U.S. rights under trade agreements with Japan and obtain the elimination of unfair trade acts, policies, and practices of Japan; or (2) offset the cumulative impact that any unenforced trade rights or uneliminated unfair trade practices have on the semiconductor balance of trade between the United States and Japan. Requires the President to report to the Congress within 45 days of enactment of this Act on actions the President plans to take under this Act. Requires the President to implement such actions within 90 days of enactment of this Act. Requires that actions taken by the President with respect to unfair trade practices shall be designed to offset the advantages gained by Japanese semiconductor producers through anticompetitive practices. Authorizes the President to modify or revoke actions taken under this Act only if the President determines that: (1) such modification or revocation is necessary to achieve the objectives of this Act; or (2) such objectives have been achieved.