MNI POLITICAL RISK - Crapo Meets w/Trump As He Preps Tax Bill

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Executive summary:

• At 11:00 ET 16:00 BST, President Donald Trump will sign measures blocking a California climate rule and deliver remarks to the press with members of his Cabinet.
• Treasury Secretary Scott Bessent will testify before the Senate Finance Committee at 10:00 ET 15:00 BST. Bessent told lawmakers yesterday Trump is likely to push back his July tariff deadline.
• Defense Secretary Pete Hegseth is also testifying again, after warning yesterday the Pentagon is ready to surge troops to more cities.
• The market reaction to the US-China trade framework has been muted, with a prevailing view that the deal has done little to resolve underlying issues.
• Trump said he intends to send letters to trading partners, laying out unilateral tariff rates.
• The White House piled more pressure on Fed Chair Jerome Powell amid reports Trump is considering naming a 'shadow' Fed chair.
• Senate Finance Committee Chair Mike Crapo (R-ID) could release the tax portion of the Big Beautiful Bill as soon as tomorrow. Crapo will meet Trump at the White House today to discuss sticker items in the package.
• The Senate cleared another procedural hurdle on its landmark crypto bill.
• A government shutdown in October appears increasingly likely.
• Australian pundits have downplayed the prospect of Trump scrapping AUKUS.
• Tensions in the Middle East ratcheted up amid reports Israel is preparing to strike Iran’s nuclear facilities.
• Poll of the Day: US businesses could be suffering from the US' declining global reputation. 

Please find the full article attached below: US DAILY BRIEF