United States-Cuba Trade Act of 2017 This bill repeals the embargo on trade with Cuba. The bill: (1) makes ineffective certain prohibitions on exports to Cuba; (2) extends nondiscriminatory treatment (normal trade relations) to Cuban products; (3) prohibits regulation or banning of travel to and from Cuba by U.S. citizens or residents or of any transactions incident to travel; and (4) repeals the President's authority to continue direct restrictions on trade with Cuba. The President shall: (1) conduct negotiations with Cuba on settling claims of U.S. nationals for the taking of property by the Cuban government, and (2) engage in bilateral dialogue with Cuba on securing the protection of internationally recognized human rights. The President may establish specified export controls and trade restrictions with respect to Cuba. The President may impose export controls and exercise certain emergency economic authorities with respect to Cuba only if there is an unusual threat to U.S. national security. The bill repeals: (1) the Cuban Democracy Act of 1992; (2) the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996; (3) the prohibition against allocation of the annual sugar quota to a country unless such country verifies that it does not import Cuban sugar for reexport to the United States; (4) the prohibition on transactions or payments respecting certain U.S. intellectual property; and (5) restrictions on assistance to any independent state of the former Soviet Union that engages in trade with, or provides other support to, Cuba. Cuba is removed from the list of state sponsors of terrorism, subject to agricultural and medical export restrictions. Common carriers may provide telecommunications services, including installations and repairs, between the United States and Cuba. The Department of the Treasury may not limit the amount of remittances to Cuba that may be made by any person subject to U.S. jurisdiction. The Internal Revenue Code is amended to require the President to report to Congress on a country's status prior to the denial of foreign tax credits for certain foreign countries.