MNI POLITICAL RISK- China Retaliates As Tariffs Go Into Effect

Executive summary:

• President Donald Trump held last-minute calls with his Mexican and Canadian counterparts to avert a North American trade war.
• No agreement was struck to prevent a 10% baseline tariff on Chinese imports going into effect at midnight. In response, China announced a raft of retaliatory measures. 
• Trump is expected to hold a call with Chinese President Xi Jinping in the coming days, leading to optimism a deal can prevent further escalation. However, Trump's administration is populated by China hawks, suggesting China tariffs are likely to be more durable.
• European Commission President Ursula von der Leyen said the bloc is "ready for tough negotiations" with Washington.
• Trump directed officials to create a sovereign wealth fund.
• The Senate confirmed Chris Wright as energy secretary. The Senate Intelligence Committee will vote today to advance DNI nominee, Tulsi Gabbard.
• The House Budget Committee delayed a crucial first step to unlocking budget reconciliation.
• Trump named Treasury Secretary Scott Bessent as acting head of the CFPB. 
• Trump’s cryptocurrency and AI czar, David Sacks, will deliver a Capitol Hill press conference on crypto regulation.
• Israeli Prime Minister Benjamin Netanyahu will meet Trump at the White House today amid concerns over phase two of the Gaza ceasefire deal.
• Danish PM Mette Frederiksen hinted the US military could have a larger presence in Greenland.
• Trump suggested a deal with Ukraine to provide rare earth minerals.
• Poll of the Day: Trump's approval rating tracker is live. 

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