Trade Deficit Reduction and Market Access Act of 1987

Summary

Trade Deficit Reduction and Market Access Act of 1987 - Amends the Trade Act of 1974 to create special provisions regarding trade deficits. Requires the International Trade Commission (ITC) to: (1) determine whether each major exporting country is an excessive trade surplus country for 1985 and for 1987 through 1990; and (2) determine if the percentage obtained by dividing the U.S. balance of trade deficit by the U.S. gross national product is less than one and one-half percent. Requires the ITC to report such determinations to the U.S. Trade Representative (USTR). Requires the USTR, within 15 days of receipt of such report, to determine whether each major exporting country identified as an excessive trade surplus country maintained a pattern of unjustifiable, unreasonable, or discriminatory trade policies or practices that have a significant adverse effect on U.S. commerce and contribute to the excessive trade surplus of that country. Sets forth factors to be considered in making such determination. Provides that the USTR need not make such determinations with respect to countries with a percentage of less than one and one-half percent. Defines "excessive trade surplus country" as a major exporting country which has: (1) a bilateral export percentage (the value of nonpetroleum exports to, divided by the value of nonpetroleum imports from, the United States) of more than 175 percent; and (2) a bilateral trade surplus (an excess of the value of nonpetroleum exports to, divided by nonpetroleum imports from, the United States) that exceeds the bilateral trade surplus for such country for the year. Sets forth surplus reduction goals for major exporting countries designated as excessive and unwarranted trade surplus countries. Requires the USTR to try to negotiate a bilateral trade agreement to achieve such surplus reduction goals with each foreign country that is designated as an excessive and unwarranted trade surplus country. Requires the President, if the USTR's negotiations do not achieve such surplus reduction goals within a specified time, to: (1) suspend, withdraw, or prevent the application of benefits of trade agreement concessions with respect to such country; (2) impose other duties or other import restrictions on such country's products; (3) negotiate agreements with such country; and/or (4) implement other governmental action which would restore or improve the competitive position of U.S. industries with respect to that country. Requires the President to impose such quotas on imports from such country as are necessary to meet the reduction for the next year if the action taken under (1) through (4) does not achieve the surplus reduction objective for that year. Authorizes the President, subject to congressional approval, to: (1) reduce the surplus reduction goal for any excessive and unwarranted trade surplus country if the President considers that such country cannot meet the goal without suffering significant economic harm and develops an alternative plan for achieving such goal; or (2) waive the taking of other action with respect to an excessive and unwarranted trade surplus country if the President considers that such action would cause substantial harm to the national economic interest and develops an alternative plan for achieving the surplus reduction goal.

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1 official file

• Introduced in Senate

  summary · EN · 5 February 1987

  Open at official source

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