You may trade Items (but no other cards) with other players.
You may only trade Items from the table – not from your hand.
You may trade at any time except when you or your trading partner are in combat – in fact, the best time to trade is when it’s not your turn.
Any Item you receive in a trade must remain in play.
You may also give Items away without a trade, to bribe other players – “I’ll give you my Flaming Armor if you won’t help Bob fight that dragon!".
You may show your hand to others.