MNI POLITICAL RISK-White House Braces For SCOTUS Tariff Ruling

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Executive summary:

• President Donald Trump will meet with Secretary of State Marco Rubio at 11:00 ET 16:00 GMT.  Trump will have lunch with Vice President JD Vance at 13:00 ET 18:00 GMT.
• At 14:30 ET 19:30 GMT, Trump will meet with oil executives in the White House Cabinet Room, eying USD$100 billion in investment to restore Venezuela’s degraded oil infrastructure.
• The US trade deficit dropped in October to its lowest level since 2009, as tariffs curb imports.
• The White House is prepping alternative tariff plans in anticipation of an unfavourable Supreme Court ruling on Trump's Liberation Day tariffs, which could come as soon as today.
• Trump called off a second round of strikes on Venezuela, citing the interim government’s cooperation in releasing political prisoners. The Senate rebuked Trump, voting 52-48 to advance a symbolic war powers resolution. 
• The House passed a minibus of three FY2026 appropriations bills, inching Congress closer to avoiding a government shutdown on January 31.
• Trump announced his second major housing initiative this week, targeting mortgage rates.
• Seventeen Republican House Reps broke with GOP leadership yesterday to pass a ‘clean’ three-year Obamacare extension.
• Senate Majority Leader John Thune (R-SD) has thrown cold water on optimism that the Senate could vote on Russia sanctions next week.
• The Trump administration is reassessing a view that protests in Iran lack sufficient energy to challenge the regime.
• Poll of the Day: The connection between gas prices and presidential approval has weakened.

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