Fair Trade Act - Limits the total imports of steel products if the Secretary of Commerce finds that the U.S. capacity for the production of steel products is only utilized at 85 percent or less during any calendar quarter. Directs the Secretary to: (1) determine, for each calendar quarter, the percentage of utilization of the U.S. steel products manufacturing capacity; (2) estimate the domestic consumption of steel products for each calendar quarter for which an import limitation is required; (3) compute the total quantity of permissible imports of steel products during each quarter for which an import limitation is required; (4) apportion the total of permissible imports among the supplying foreign countries on the basis of past participation in the U.S. market. Directs the Secretary to certify the computation and apportionment of permissible imports to the Secretary of the Treasury who shall ensure that the steel products are imported in conformity with such computations and apportionments. Establishes the President's Commission on Basic Metals. Requires the Commission to review the performance of the U.S. steel products manufacturing industry and to make recommendations to the President and the Congress regarding actions which should be taken to strengthen the industry.