January 22:
- U.S. President Ronald Reagan announces the Iran-Contra affair during a nationally televised address, admitting to secret arms sales to Iran and diversion of the profits to support the Contras.
February 22:
- Andy Warhol, a prominent figure in the pop art movement, passes away at the age of 58.
March 4:
- President Corazon Aquino signs Proclamation 550 in the Philippines, creating the 220,000-hectare Subic Bay Freeport Zone, transforming Clark Air Base and Subic Bay Naval Base into economic centers.
May 28:
- Matthias Rust, an amateur West German pilot, illegally lands his Cessna plane in Moscow's Red Square, raising concerns about Soviet air defense capabilities.
August 16:
- Northwest Flight 255 crashes shortly after takeoff from Detroit Metropolitan Airport, resulting in 156 fatalities and becoming the deadliest single-airplane disaster in U.S. history at the time.
September 6:
- Former West German Chancellor Willy Brandt passes away at the age of 78.
October 19:
- The Dow Jones Industrial Average experiences its most significant one-day loss, known as Black Monday, due to a stock market crash.
November 15:
- The intermediate-range nuclear forces (INF) treaty is signed by U.S. President Ronald Reagan and Soviet General Secretary Mikhail Gorbachev, resulting in the destruction of thousands of American and Soviet missiles.
December 5:
- An earthquake measuring 5.9 on the Richter scale strikes near Edgewood, South Africa, claiming the lives of more than 1,500 miners and causing substantial damage.
Overall, 1987 witnessed diverse political, economic, and human tragedies as well as significant accomplishments in international diplomacy and social change.