MNI POLITICAL RISK- Markets Brace For 'Liberation Day' Tariffs

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Executive summary:

• President Donald Trump has two Executive Order signing ceremonies on his agenda today. Journalists will be invited in for the second session, at 17:30 ET 22:30 BST.
• Multiple reports suggest that Trump may be pressing his team to devise an aggressive 'Liberation Day' tariff plan that applies to more countries than anticipated.
• Trump’s trade advisor, Peter Navarro, said tariffs could net the Treasury Department $600 billion a year for a decade.
• The Senate is expected to vote on Tuesday on a Democratic resolution to undo Trump’s tariffs on Canadian goods.
• The Trump administration's economic agenda will be buoyed by a drop in the price of eggs.
• Senate Republicans are expected to begin procedural votes on a compromise budget resolution as soon as Wednesday.
• Trump is reportedly considering letting income taxes on the “very highest earners” rise in return for cutting taxes on tips.
• Florida will go to the ballot box tomorrow to vote in special elections to fill two vacant House seats. Voters in Wisconsin will vote in a bellwether state Supreme Court race. 
• Trump is considering applying secondary tariffs on countries that buy Russian oil if he determines Russian President Vladimir Putin is attaching unreasonable demands to ceasefire negotiations.
• Iran has rejected direct negotiations with the US over its nuclear programme.
• Poll of the Day: Most US voters still see the US-Canada relationship as friendly.

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