US: MNI POLITICAL RISK - Trump Downplays More Trade Deals By Aug 1

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• President Donald Trump will meet the Crown Prince of Bahrain for an investment-focused bilateral meeting, then sign bills at 15:00 ET 20:00 BST.
• Trump said pharmaceutical tariffs could be announced on August 1, starting low and building to a "very high tariff".
• Trump announced a deal with Indonesia, but downplayed the likelihood of more deals before August 1. He said he could strike “two or three” deals before the deadline and would “probably” impose a little over 10% on smaller countries that did not receive tailored rates.
• Canadian PM Mark Carney conceded that a US trade deal is unlikely to lift all tariffs.
• Lack of retaliation from trading partners has allowed the US to collect duties at a rate that implies USD$240 billion additional revenue per year.
• The Senate will vote on Trump's rescission package this evening after overcoming Republican opposition. Speaker Mike Johnson (R-LA) will take a second run at advancing three crypto bills, after conservatives tanked a rule vote yesterday.  
• Trump and OMB Director Vought are hinting that mismanagement of a renovation project could justify Fed Chair Powell's dismissal.
• Trump said he did not advise Ukraine to strike targets deep inside Russia.
• The Pentagon has withdrawn senior officials from the Aspen Security Forum, citing ideological differences. The US and 18 allies began military exercises in Australia.
• Poll of the Day: Favourable views of China have increased, but most countries prioritise strong ties with the US.

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