MNI POLITICAL RISK - GOP Pivots On Reconcillation Tax Plans

Download Full Report Here

Executive summary:

• President Donald Trump will sign executive orders in the Oval Office, then hold a key meeting with Ways and Means Committee Chair Jason Smith (R-MO) as the House struggles to strike a balance on Trump’s tax agenda. 
• Trump and UK Prime Minister Keir Starmer announced the first trade deal since Trump imposed tariffs on US trading partners. Markets reacted positively, but Commerce Secretary Howard Lutnick acknowledged that other deals will be stickier.
• While Trump previewed the UK deal as ‘full and comprehensive,’ it is light on details, serving as a framework for broader negotiations. The primary takeaway: Trump’s 10% universal tariff is likely to remain a fixed revenue source. 
• Trump said he expects trade talks with Chinese officials in Geneva to be “substantive”, indicating on Truth Social he is open to a tariff reduction for Beijing.
• The EU announced plans to hit back at America if trade negotiations fail.
• House Speaker Mike Johnson (R-LA) appears to be dialling down reconciliation targets, quietly conceding that hitting all of Trump’s tax and spending priorities is unlikely.
• Trump appeared to backtrack on a 'millionaire tax' and closing the carried interest loophole, a sign that the White House is looking for revenue.
• Senate Majority Leader Chuck Schumer (D-NY) orchestrated a party-line rejection of a landmark crypto regulation bill.
• Poll of the Day: Americans are more likely to disapprove than approve of Trump's handling of dozens of issues.”

Please find the full article attached below: US DAILY BRIEF