MNI POLITICAL RISK - Canada Hit By Trump Tariff Letter

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Executive summary:

• President Donald Trump will travel to Texas today to tour the site of the July 4 flooding.
• Secretary of State Marco Rubio teased a summit between Trump and Chinese President Xi Jinping after meeting with Chinese Foreign Minister Wang Yi in Malaysia today.
• Trump said he intends to impose blanket tariffs of 15% or 20% on most trade partners, citing the stock market performance to bolster his case for tariffs.
• Trump sent a letter to Canadian Prime Minister Mark Carney threatening to impose a 35% tariff on August 1. The Canada letter diverged from the template by outlining concerns with Fentanyl and Ottawa's tariff retaliation. The tariff is not expected to apply to USMCA-compliant goods.
• Trump continued his attack on Fed Chair Jerome Powell in two posts on Truth Social.
• Trump threatened to withdraw support from any Republican senator who opposes his rescissions package, raising the stakes for ongoing FY2026 negotiations. 
• Amid a hawkish pivot that has included approving weapons transfers and edging towards sanctions, Trump said he would make a "major statement" on Russia on Monday.
• US and Israeli officials believe that most, or all, of Iran's centrifuges were destroyed in strikes, but some near weapons-grade uranium may have survived.  
• The Pentagon has taken a 15% stake in the US' largest rare earth miner.
• Poll of the Day: Geopolitical headwinds facing global business have hardly been more pronounced.

Please find the full article attached below: US DAILY BRIEF