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And of course you can trade items. The part where the guidelines say "Regional or trading restrictions on gifts or ITEMS you're planning to trade should be specified in the description" make it quite obvious. ;P

the most dangerous game

You can trade pretty much anything in the trade forums - including coupons. It's just a matter of who will take them.

Number 1 rookie mistake is overvaluing your own items. Do a bit of research before you start trading! Also, make sure to build up your rep with small trades. Only make large trades in the Steam trades window where both sides have their items entered.

Just don't bring it over to the discussion forums.

Okay, but you go first, because I have 1000 profile rep from totally trustable (and non +rep for +rep using) people.

You can trade backgrounds and icons and in-game items too. But probably not much people will be interested in those trades. (think I saw a trade about trading backgrounds not get any traffic in his thread for 1 month before someone was interested)

Most common trades are:
Games for games
Games for cards/ref/gems
Games for csgo/tf2 case keys

As honestkiddy mentioned, Items from Steam market and even other Game Stores like Origin or Uplay and etc can be traded here.

Well, trade section is largely unmoderated. On the bright side, yes, main purpose is swapping games you don't want for games you actually want (usually legal within bundle sites TOS). On the other hand you have some who made it into their little business, buying large amount of bundle games and selling them for profit - violation of TOS (games for TF keys then TF keys for PayPal). Yet, on the scale it's nowhere near the G2A and similar shady reselling sites.

There's reason why Valve killed cross-region gifting and bundle sites start limiting purchases and apply single key tier activation bundles.