Fair Trade with China Act of 2005

[AI summary unavailable — showing source text] Fair Trade with China Act of 2005 - Amends the Tariff Act of 1930 to apply its countervailing duty requirements to nonmarket economy countries. Amends the Trade Act of 1974, with respect to enforcement of U.S. rights under trade agreements and response to certain foreign trade practices, to include unjustifiable acts, policies, or practices which involve currency manipulation. Requires the U.S. Trade Representative (USTR) to investigate the currency practices of the People's Republic of China (PRC), make applicable determinations, and implement any appropriate action. Requires the USTR to: (1) first initiate consultations with each foreign country identified as engaging in priority foreign country practices to reach a satisfactory resolution of such practices; and (2) then investigate the practices in question if a satisfactory resolution has not been reached within a specified period. Requires the USTR to identify and report to Congress on such PRC priority foreign trade practices. Amends the Tariff Act of 1930 to repeal the requirement that the administering authority direct the Customs Service to allow an importer to opt to post a bond or security, until completion of the review…