MNI POLITICAL RISK - Senate Starts Work On Big Beautiful Bill

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Executive summary:

• President Donald Trump will meet Vice President JD Vance for lunch. He has no other scheduled engagements.
• White House officials expect a call between Trump and Chinese President Xi Jinping “very soon,” as both countries accuse the other of violating May's tariff truce. 
• OMB Director Russell Vought will receive a hostile reception from Democrats when he delivers testimony to the Senate Appropriations Committee on Wednesday.
• Trump announced he will double the tariff rate on steel and aluminium imports to 50%, starting on Wednesday. The European Commission said it "is prepared to impose countermeasures".
• Commerce Secretary Howard Lutnick said “tariffs are not going away”, and noted: "We could sign lots of [trade] deals now," but "we’re trying to make them better...”
• The legal argument the US Supreme Court used to block swathes of former President Biden’s agenda could be used to block Trump's 'Liberation Day' tariffs.
• The Senate comes back into session this evening to start modifying the Republican tax and spending megabill. Senate Majority Leader John Thune (R-SD) wants the bill on Trump’s desk by July 4, but some Senators are questioning that deadline. 
• There is little hope for a breakthrough as a second round of Ukraine-Russia talks gets underway. Without progress, more pressure will build on Trump to authorise the Senate to move a highly punitive package of sanctions.
• Iran is expected to reject a US nuclear proposal.  
• Poll of the Day: Trump’s 3 weakest issues are all linked to the economy.

Please find the full article attached below: US DAILY BRIEF