MNI POLITICAL RISK - Trump's Oil Tariff On India Takes Effect

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Executive summary:

• President Donald Trump will have lunch with Vice President JD Vance at 12:30 ET 17:30 BST.
• At 15:15 ET 20:15 BST, Secretary of State Marco Rubio will meet Israeli Foreign Minister Gideon Sa’ar, the first-known Cabinet-level confab since Israel launched a new military operation in Gaza.
• Average gasoline prices are expected to hit a Labor Day weekend low not seen since 2020, a boost for Trump, who has made reducing energy costs a central plank of his presidency. 
• A spokesperson for the Federal Reserve confirmed that Governor Lisa Cook will challenge the termination notice issued by Trump, noting that the Fed will “abide by any court decision.”
• The Senate Banking Committee will hold a hearing next week on the nomination of Stephen Miran to fill the vacant Fed seat. Democrats will use the hearing to apply pressure on moderate Republicans to defend Fed independence. 
• The ‘de minimis’ exemption is set to expire on Friday.
• Trump’s punitive addtional 25% tariff rate on Indian imports went into effect today, a strategy that could accelerate cooperation between BRICS members. 
• Democrats flipped an open Iowa state Senate seat, breaking the GOP’s supermajority in Iowa's upper house.
• Trump warned of an “economic war” if Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy do not reach a peace agreement. Russian forces made a symbolic breakthrough, capturing two villages in the Dnipropetrovsk region. 
• Poll of the Day: Consumer confidence dipped slightly in August. 

Please find the full article attached below: US DAILY BRIEF