Protect American IPR Act This bill addresses the effects of violations of U.S. intellectual property rights in China or by Chinese persons. The bill directs the U.S. Trade Representative (USTR) to study the losses of revenue to holders of those rights. It directs the USTR to impose duties on merchandise from China in an amount equivalent to the annual loss of revenue to U.S. intellectual property rights holders as a result of violations in China or by any Chinese person, including governmental entities of China. The bill establishes a fund to compensate U.S. intellectual property rights holders injured by such violations.