We consider the electromagnetic response of a topological Weyl semimetal (TWS) with a pair of Weyl nodes in the bulk and corresponding Fermi arcs in the surface Brillouin zone. We compute the frequency-dependent complex conductivities σαβ(ω) and also take into account the modification of Maxwell equations by the topological θ-term to obtain the Kerr and Faraday rotations in a variety of geometries. For TWS films thinner than the wavelength, the Kerr and Faraday rotations, determined by the separation between Weyl nodes, are significantly larger than in topological insulators. In thicker films, the Kerr and Faraday angles can be enhanced by choice of film thickness and substrate refractive index. We show that, for radiation incident on a surface with Fermi arcs, there is no Kerr or Faraday rotation but the electric field develops a longitudinal component inside the TWS, and there is linear dichroism signal. Our results have implications for probing the TWS phase in various experimental systems.