Trade Enforcement Priorities Act - Amends the Trade Act of 1974 to revise requirements for identification of trade enforcement priorities by the United States Trade Representative (USTR).
Requires the USTR, in identifying priority foreign country trade practices, to concentrate on U.S. trading partners: (1) that represent the largest trade deficit in dollar value with the United States, excluding petroleum and petroleum products; (2) whose practices have the most negative impact on maintaining and creating U.S. jobs, wages, and productive capacity; and (3) whose practices limit market access for U.S. goods and service.
Requires the USTR to consult with specified congressional committees on the priorities, actions, assessments, and practices required to be identified in the report.
Requires the USTR, with respect to a priority trade practice of a World Trade Organization (WTO) foreign country, or a foreign country with which the United States has a bilateral or regional trade agreement in effect, to initiate: (1) dispute settlement consultations in the WTO; (2) dispute settlement consultations under the bilateral or regional trade agreement; (3) negotiations that seek an agreement for the elimination of the priority foreign country trade practice or, if elimination is not feasible, an agreement that provides for compensatory trade benefits; or (4) any other action to eliminate the priority foreign country trade practice. Prescribes certain actions with respect to the priority foreign country trade practices of other countries.