MNI POLITICAL RISK - Supply Chain Progress In US-China Talks

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Executive summary:

• President Donald Trump described the US-China relationship as "excellent" in a statement announcing a trade agreement with Beijing. Treasury Secretary Scott Bessent will be grilled on the China deal in testimony before two Congressional panels today.
• White House Press Secretary Karoline Leavitt will brief reporters for the first time since civil unrest in Los Angeles escalated. Mayor Karen Bass imposed a curfew in downtown areas.
• A federal appeals court extended a short-term reprieve for Trump's 'Liberation Day' tariffs.
• The EU believes trade negotiations with the US are likely to extend past the July 9 deadline.
• The US and Mexico appear close to a deal on steel tariffs.
• The World Bank cut global growth forecasts, citing uncertainty over trade.
• Former special government employee Elon Musk dialled down his feud with Trump.
• 38 House Republicans warned Senate leaders against changing the ‘architecture’ of the ‘One Big Beautiful Bill’ or using ‘budget gimmicks’ to obscure deficit spending.
• Senate Budget Chair Lindsey Graham (R-SC) suggested that the GOP could pursue more reconciliation bills this year.
• The White House polling suggests that individual items within the ‘OBBB’ will play well at the 2026 midterm elections.
• Trump said he is losing hope that Iran will agree to end all uranium enrichment, but stressed Iran will never obtain a nuclear weapon.
• Poll of the Day: 54% of voters approved of the Trump administration's deportation program before the LA unrest.

Please find the full article attached below: US DAILY BRIEF