MNI POLITICAL RISK - Trump Softens Tone On China And Fed

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Executive summary:

• Treasury Secretary Scott Bessent will deliver a keynote address at the Institute of International Finance to share his “thoughts on the state of the global financial system” at 10:00 ET 15:00 BST. Bessent yesterday led a major tone shift from the administration. His private comments at an investor event foreshadowed a dovish pivot from President Donald Trump on China and Fed Chair Jerome Powell.
• The White House is reportedly closing in on general agreements with Japan and India that fall short of comprehensive trade deals but could be touted as progress toward realising Trump's agenda.
• Trump suggested to reporters in the Oval Office yesterday that a trade deal with China could be on the horizon. He also hinted that Beijing has more to gain than Washington from a deal, indicating that a standoff over initiating high-level talks continues. 
• On China’s tariff rate, Trump said: “145 percent is very high, and it won't be that high… It'll come down substantially, but it won't be zero.”
• Ukraine peace talks in London get underway today without Secretary of State Marco Rubio or negotiator Steven Witkoff. The prospect of a breakthrough today appears remote after Ukrainian President Volodymyr Zelenskyy rejected a central pillar of the US ceasefire proposal.
• Iran's Foreign Minister said indirect nuclear talks with the US are on the “right track”. 
• Poll of the Day: Large majorities of US adults support courts and Congress checking presidential power.

Please find the full article attached below: US DAILY BRIEF