MNI POLITICAL RISK - Trump Signals More Restrained Tariff Plan

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Executive summary:

• President Donald Trump confirmed yesterday that Commerce Department probes are underway that are likely to result in new tariffs on semiconductors and pharmaceutical products. Probe results are expected within 270 days.
• Treasury Secretary Scott Bessent downplayed speculation that foreign nations were selling US Treasuries and noted that the Treasury Department has a toolkit it can use if action is needed to stabilise the bond market.
• Bessent said he is prioritizing bilateral trade deals with the United Kingdom, Australia, South Korea, India, and Japan.
• European Commission Trade Chief Maros Sefcovic said the EU remains “ready for a fair deal” with the US after meetings in Washington.
• Vice President JD Vance said there is a “good chance” of striking a bilateral trade deal with London.
• China is expected to cancel orders of Boeing aircraft and US-made aircraft-related equipment.
• President Trump is preparing a rescission package that will direct Congress to undo USD$9.3 billion in funding.
• Republicans are considering a move to cut taxes on health providers that could save more than USD$600 billion over ten years.
• Nvidia announced it would manufacture advanced Artificial Intelligence chips in the US.
• Trump envoy Steve Witkoff said Russia is open to a "permanent peace" deal with Ukraine.
• Trump warned of a "harsh" response to Iran if there is no movement toward a new nuclear accord.
• Poll of the Day: More voters trust Democrats in Congress than their Republican counterparts to handle the economy.

Please find the full article attached below: US DAILY BRIEF