MNI POLITICAL RISK - OBBB Makes Slow Progress To Trump's Desk

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Executive summary:

• President Donald Trump departed the White House this morning to tour ‘Alligator Alcatraz’ in Florida.
• Secretary of State Marco Rubio will host Quad foreign ministers at State today, with trade likely on the agenda with his Japanese and Indian counterparts.
• The Senate ‘vote-a-rama’ on the One Big Beautiful Bill continued through the night with Majority Leader John Thune (R-SD) struggling to whip 50 votes. Moderate Senators Lisa Murkowski (R-AK) and Susan Collins (R-ME) are the key votes to watch today.
• House Speaker Mike Johnson (R-LA) has teed up a House Rules Committee meeting on the bill today, with House GOP leadership eyeing a final vote on Wednesday.
• The White House is managing expectations for trade breakthroughs just over a week before Trump’s tariff reprieve expires. Treasury Secretary Scott Bessent said trade deals will be announced once Congress has concluded work on the OBBB.
• India looks set to secure an interim trade deal that insulates its agricultural sector.
• A trade deal with Japan looks shaky after Trump threatened to unliterally impose a tariff rate on Tokyo.
• The EU is maintaining its firm position on alcohol, cars, and pharmaceuticals.
• Trump escalated criticism of Fed Chair Powell’s cautious approach to rates. 
• US stocks rebound from Trump's trade policy shock, while the USD continues to weaken.
• Israeli Prime Minister Benjamin Netanyahu will visit the White House next week.
• Poll of the Day: 75% of Americans are concerned about further Iranian retaliation against the US.

Please find the full article attached below: US DAILY BRIEF