United States Foreign Investment Review Act of 2017 This bill amends the Trade Act of 1974 to require each party to a covered transaction to submit a written notification to the Department of Commerce of such transaction. "Covered transaction" is defined as any merger, acquisition, takeover, or investment, or the establishment of a new entity, by or with any person, that is proposed or pending after this bill's enactment that could result in foreign control of any individual or entity engaged in interstate commerce in the United States valued at: (1) $50 million or more, in the case of a transaction involving a state-owned enterprise; and (2) $1 billion or more, in the case of any other transaction. Upon receiving such notification, Commerce must: (1) review the transaction to determine its economic effect on the United States, considering specified economic factors; and (2) based on the results of the review, take appropriate action. The bill prohibits the expenditure of funds to encourage investment in the United States by any foreign state-owned enterprise that does not operate according to market considerations.