MNI POLITICAL RISK - US And China Formalise Trade Framework

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Executive summary:

• President Donald Trump will meet the Foreign Ministers of Rwanda and DR Congo to sign a peace accord that could open up the region for US rare earth operations.
• Trump and Commerce Secretary Howard Lutnick announced that the US and China have finalised a trade framework, hammered out in two high-profile summits in Geneva and London. Lutnick also claimed the administration will soon announce agreements with 10 major trading partners without providing additional details.
• The European Commission is considering lowering non-tariff barriers to sweeten a trade deal with the US, but will pursue retaliatory measures if a deal cannot be struck. 
• The Senate Parliamentarian ruled that swathes of the Senate Finance Committee’s OBBB proposals relating to Medicaid are noncompliant with the rules of Budget Reconciliation. 
• Senate Majority Leader John Thune (R-SD) wants the OBBB on Trump’s desk in exactly one week, a timeline that looks unlikely, but not impossible. The first procedural votes on the bill won’t come until Saturday, at the earliest, with a vote-a-rama possible on Sunday, if all goes to plan.
• Treasury Secretary Scott Bessent told Congressional Republicans to strike the so-called revenge tax from the OBBB, a win for business groups who had lobbied against the measure.
• A Senate vote today on Senator Tim Kaine’s (D-VT) Iran war powers resolution is likely to fail. Iran rejected Trump’s claim that the two sides will meet next week to discuss a new nuclear agreement.
• Poll of the Day: Only 20% of Americans are willing to pay more for 'Made in America' products. 

Please find the full article attached below: US DAILY BRIEF