MNI POLITICAL RISK - Trump Open To Senate Modifying Tax Bill

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Executive summary:

• It’s a quiet day in Washington, D.C. today. President Donald Trump has no public events scheduled, per his official diary. Congress is out for the week.
• Markets have largely shrugged off a brief escalation in the US-EU trade war, with Trump confirming a delay to the implementation of 50% tariffs on EU imports. Switzerland is eyeing a trade deal with the US by July.
• Trump told reporters he is open to the Senate making ‘fairly significant’ changes to the House-passed ‘One Big Beautiful' tax and spending megabill. The comment runs counter to House Speaker Mike Johnson’s (R-LA) warning that the Senate should change the bill “as little as possible” in light of the GOP’s fragile majority in the House.
• The Senate could rewrite items related to SALT, salvage some clean energy tax credits, push for a larger debt limit hike, and renew talk of a millionaire tax to offset the cost of the package.
• Trump’s chief negotiator, Steve Witkoff, said he's disappointed that Hamas has so far failed to accept his proposal for a new Gaza ceasefire deal.
• Trump said he might have "something good" to report on nuclear talks with Iran in the coming days.
• Trump indicated he is open to new sanctions on Russia after describing President Vladimir Putin as "crazy" in a social media statement.
• Poll of the Day: Trump’s approval rating has improved slightly since the end of April.

Please find the full article attached below: US DAILY BRIEF