This discussion paper provides an overview of the status of multilateral and bilateral trade talks affecting the U.S. economy, U.S. agriculture, and the U.S. dairy industry. Trade negotiations discussed reflect the complex interactions between economic and political issues that occur in U.S. presidential election years. Bilateral and regional trade negotiations have assumed more importance for the U.S. as a result of the snags that have hit World Trade Organization (WTO) negotiations. However, the Doha Round of WTO negotiations is not dead. Noteworthy trade agreement developments affecting the U.S. dairy industry include the U.S. - Australia Free Trade Agreement and the chance that dairy export subsidies will be substantially curtailed under the Doha Round of WTO negotiations.