Omnibus Trade Act of 1987

[AI summary unavailable — showing source text] Omnibus Trade Act of 1987 - Title I: Authority to Negotiate Trade Agreement - Grants the President, during a specified ten-year period, the authority to enter into multilateral trade agreements to reduce or eliminate trade barriers or distortions whenever the President determines that such barriers to, or distortions of, international trade: (1) unduly burden or restrict U.S. foreign trade or adversely affect the U.S. economy; or (2) are likely to result in such a burden, restriction, or effect. Limits the amount of reduction in duty that such agreements may involve. Authorizes the President, during a specified ten-year period, to enter into bilateral trade agreements with foreign countries providing for the reduction or elimination of trade barriers or distortions. Provides that such a bilateral trade agreement may be entered into only if: (1) the foreign country requested the negotiation of such an agreement; and (2) the President provides 60 days' notice to specified congressional committees and consults with such committees. Requires the President, before entering into negotiation of such a multilateral or bilateral trade agreement, to determine: (1) whether state trading enter…