Reciprocal Trade and Investment Act of 1982

Reciprocal Trade and Investment Act of 1982 - Amends the Trade Act of 1974 to direct the United States Trade Representative (USTR) to submit to the President an annual study of the practices of each designated major trading country that: (1) deny benefits to the United States under a trade agreement; or (2) deny to the United States substantially equivalent commercial opportunities with respect to U.S. products that are internationally competitive.

Directs the President to submit such study to the appropriate congressional committees and to propose actions to redress any imbalance caused by such practices.

Directs Federal agencies to furnish information and other assistance to carry out such study.

Adds to the findings upon which the President can base U.S. responses to foreign trade practices. Directs the President to act upon finding that a foreign practice denies to the United States commercial opportunities substantially equivalent to those offered by the United States. Authorizes the President to take action against the foreign entity's investments. (Current law limits the President to taking action against the foreign entity's products or services.)

Requires the President to take into account U.S. trade agreement obligations in determining whether to take any action to enforce U.S. trade rights or respond to a foreign trade practice.

Includes foreign direct investment by U.S. citizens or nationals within the definition of commerce and commercial opportunites.

Authorizes the House Ways and Means Committee or the Senate Finance Committee to file a resolution with the USTR requesting the President to take action to enforce U.S. trade rights or respond to foreign trade practices.

Directs the USTR to consult with the International Trade Commission (ITC) on: (1) the economic impact of the USTR's legislative recommendations; and (2) the foreign practices which caused the USTR to investigate. (Current law authorizes the USTR to consult with the ITC on the economic impact of proposed action with respect to the foreign product or service.)

Directs the USTR to make preliminary recommendations to the House Ways and Means Committee and the Senate Finance Committee on the options the President is considering if dispute settlement procedures fail. Requires such recommendations to be made within 180 days of a finding that presidential action is needed to enforce U.S. trade rights or to respond to a foreign trade practice.

Directs the President to negotiate international agreements to end restrictions on foreign direct investment.

Includes restrictions on foreign direct investment among the barriers to international trade that may authorize the President to enter trade agreements.