During the first session of the 115th Congress, Congress faced numerous international trade and finance policy issues. A major focus was examining and responding to the Trump Administration's evolving trade policy. U.S. trade policy under President Trump to date arguably represents a significant shift from recent past Administrations under both Republicans and Democrats. In particular, the Administration has displayed a more critical view of U.S. trade agreements, made greater use of various U.S. trade laws with the potential to restrict U.S. imports, and placed increased emphasis on bilateral trade balances as a key metric of the health of U.S. trading relationships. Another major issue before Congress involved growing interest in whether and in what ways the U.S. process for determining the national and economic security implications of foreign investment in the United States should be reformed. Continued focus on the U.S.-China economic relationship, and economic sanctions against Iran, Cuba, North Korea, Russia, and other countries also have been of interest to Congress. President Trump's withdrawal of the United States from the Trans-Pacific Partnership (TPP) free trade agreement (FTA) among 12 Asia-Pacific nations, alongside a stated preference for negotiating bilateral rather than multi-party trade agreements were notable developments in the Trump Administration's policy approach to U.S. trade agreements. Also significant are Administration initiatives to potentially revise the two largest existing U.S. FTAs, through the ongoing renegotiation of the North American Free Trade Agreement (NAFTA), and modification talks regarding the U.S.-South Korea (KORUS) FTA. These decisions, in addition to the evolving global landscape on trade agreements, including a recently-concluded, revised TPP (now called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)) among the 11 parties, without the United States, raise potentially significant legislative and policy issues for Congress, including: (1) potential congressional consideration of legislation to implement a revised NAFTA, (2) the economic and strategic rationale for U.S. participation in multi-party and other FTAs, (3) the extent to which past U.S. FTAs should be modernized or revised and, if so, in what manner, (4) how much priority should be placed in U.S. trade policy on new FTA and multilateral trade agreements, and (5) the effect of FTAs not including the United States on U.S. economic and broader interests, and the appropriate U.S. response to the proliferation of agreements. Another major issue is the role of the United States in the multilateral, rules-based trading system under the World Trade Organization (WTO), historically led by the United States. The WTO has served as the foundation of the international trading system and WTO agreements serve as the floor of commitments in U.S. FTAs, but the institution has languished for decades in terms of achieving new multilateral trade disciplines and liberalization in important areas, such as digital trade. President Trump may formally request and justify to Congress an extension of current U.S. Trade Promotion Authority (TPA) until 2021, to provide authority for expedited consideration of future trade agreements if they meet specific conditions and criteria. This process would present Congress a significant opportunity to examine the U.S. role in the WTO and current and future trade agreement negotiations, particularly in how they meet TPA's congressionally-mandated U.S. trade negotiating objectives. The United States under the Trump Administration has renewed the use of specific trade laws that have not been used in several years, such as Section 232, designed to investigate the national security impact of specific imports. It has also placed greater emphasis on "fair" and "reciprocal" trade. For example, with respect to China, a Section 301 case was launched involving China's policies on intellectual property rights and forced technology transfer, among other measures. China continues to be viewed as a growing main competitor of the United States in the global economy, as recognized in the recently-released U.S. National Security Strategy. The policy implications for Congress of potential action under various trade investigations may depend on a number factors such as: how firms, industries and workers are affected by measures, such as increased tariffs, that may be taken; what other countries' reactions may be (such as possible retaliation); and how future actions are in line with core U.S. commitments and obligations under the WTO and other trade agreements. The U.S.-China trade and economic relationship is complex and wide-ranging. It will likely entail continued close examination by Congress in terms of current and future policy issues. In addition to specific trade practices of concern, Congress may undertake closer scrutiny of the economic and geopolitical implications of China's sizable Belt and Road Initiative to finance and develop infrastructure across multiple countries and regions, as well as the proliferation of China's industrial policies in high technology industries that may challenge U.S. firms and potentially disrupt global markets if fully implemented. International trade and finance issues have been important to Congress because they can affect the overall health of the U.S. economy and specific sectors, the success of U.S. businesses and workers, and Americans' standard of living. They also have implications for U.S. geopolitical interests. Conversely, geopolitical tensions, risks, and opportunities can have major impacts on international trade and finance. These issues are complex and at times controversial, and developments in the global economy often make policy deliberation more challenging, because they involve balancing many competing interests. Congress is in a unique position to address these and other issues, particularly given its constitutional authority for legislating and overseeing international trade and financial policy. This report provides a brief overview of select trade and finance issues that may be of interest to the 115 th Congress. Since the end of World War II, the United States has served as the chief architect of an open and rules-based international economic order that has been characterized by trade expansion and growing economic integration. Some see this global economic order fragmenting and becoming less governable. The U.S. leadership role is being challenged both from abroad by rising economic powers such as China and from within the United States by groups that have been adversely affected by U.S. integration in the global economy. Overall, the global economy in 2017 began to display signs of a synchronized recovery among major economies from the 2008-2009 financial crisis and deep economic recession. Similarly, international financial markets improved and are expected to continue growing, despite recent signs of increased volatility. Nevertheless, uncertainty over the direction of monetary policy among major central banks, some concerns about rates of inflation, slower growth in real wages and productivity, and demographic challenges are among the issues that could restrain the recovery. The International Monetary Fund (IMF) estimates that global real annual GDP growth increased by 3.7% in 2017, and will increase by 3.9% in 2018, up slightly from previous estimates. This forecast is based on the U.S. economy growing at a rate of 2.7%, as a result of a return to a more normal monetary policy stance and a temporary boost arising from the macroeconomic impact of tax reform and cuts. The U.S. Bureau of Economic Analysis (BEA) reported that the rate of U.S. economic growth slowed in the fourth quarter of 2017 to 2.6%, compared to an annualized rate of 3.2% in the third quarter. Of broader potential significance is the movement of the dollar against other major currencies. Since the start of 2017, the dollar has depreciated 9% against other major currencies, following a large appreciation over the previous three years. Depreciation in the value of the dollar generally makes imports more expensive reducing the purchasing power of U.S. consumers, and may worsen the U.S. trade deficit in the short term depending on the price sensitivity of import consumption. However, a weaker dollar also generally makes U.S. exports more competitive. The IMF forecasts that developed economies as a group will grow at 2.3% in 2018. Although the economic recovery in the EU is progressing, the growth rate is projected to remain low in comparison with other economic recoveries, reflecting high levels of corporate debt and non-performing loans that are restraining business investment. Emerging market and developing economies are projected by the IMF to grow by 4.9%, up from 4.7% in 2017, while China's economy is projected to grow at 6.6% in 2018, down slightly from the 6.8% rate experienced in 2017. Commodity exporters are projected to experience a stronger rate of economic growth as a result of a partial recovery in commodity prices, which also would support a higher rate of growth in global trade volumes. Increased global manufacturing activity and investment in infrastructure and equipment are also projected to support higher levels of global trade. Despite these positive signs, the World Economic Forum (WEF) notes a number of risks that could limit the strength and pace of the projected recovery and rate of global economic growth. These risks include: cybersecurity risks in both the private and government sectors; economic risks, including rising trade protectionism; environmental risks; and geopolitical risks (such as conflict over North Korean nuclear development). Other risks include savings and investment relative to GDP, which serve as building blocks for future growth, but continue to lag behind pre-financial 2008 crisis levels in the advanced economies. Similarly, global trade is growing, but lags behind historical levels. Emerging markets (EMs) as a group are expected to face fewer risks to sustainable rates of economic growth in 2018 due to a modest recovery in global trade and more stable exchange rates, inflation, commodity prices, and equity markets. Growth rates are projected to recover somewhat in Russia and Brazil, due to more stable oil and commodity prices, but increased uncertainty over political and policy direction could constrain the rate of growth in Brazil.