MNI POLITICAL RISK - Johnson Faces GOP Rebellion Over Tax Bill

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Executive summary:

• US President Donald Trump is shortly due to conclude a trip to the Middle East that has deepened ties with Gulf nations on defence, technology, and business.
• Trump said his Cabinet secretaries will be dispatching letters telling trade partners "what they'll be paying to do business in the US," appearing to acknowledge his administration doesn’t have the capacity to negotiate the kind of bilateral trade deals implied by his ‘reciprocal’ tariff regime.
• House Speaker Mike Johnson (R-LA) is expected to hold a scheduled Budget Committee markup this morning, amid a rebellion from conservatives and ‘SALT’ Republicans. 
• Conservatives are furious the Republican ‘megabill’ is set to be marked up without hard numbers from the CBO on the debt implications. They may have an influential ally in US bond markets, with anxiety over the reconciliation bill pushing Treasury bond yields higher.
• The Senate is expected to vote next week on a landmark crypto regulation bill. 
• Russian and Ukrainian officials have met in Turkey for the first direct talks between the countries since 2022. If the talks fail to result in some progress towards a ceasefire, Trump is likely to come under pressure to back additional sanctions on Russia. Trump said he will meet with Russian President Vladimir Putin "as soon as we can set it up".
• Poll of the Day: Analysts and investors believe US tariffs on China are likely to remain elevated after the 90-day truce.

Please find the full article attached below: US DAILY BRIEF