For four years, the Obama administration has been engaging in the Trans‐Pacific Partnership negotiations with 11 Pacific Rim nations, and last year initiated similar talks called the Transatlantic Trade and Investment Partnership with the European Union. These negotiations offer the promise of significantly reduced barriers to international trade and investment, which would be an important source of economic dynamism and growth. But Congress is not on board with the administration’s trade policy agenda, and the president’s effort to secure fast‐track trade promotion authority has been derailed, in all likelihood, at least until after the 2014 mid‐term election. What are the strengths and shortcomings of the administration’s trade agenda? What are the major concerns of Congress, and what should we expect from trade policy in 2014 and beyond?