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House Speaker Mike Johnson (R-LA) has suggested that Congress could step in to moderate President Donald Trump’s trade agenda if there was an “imbalance” that encroached on the constitutional power of Congress, but stressed he would first “call the president and talk with him."

• Johnson said at an Axios event today: "I think the executive has a broad array of authority that's been recognized over the years. If it gets close to where the imbalance is there, then we would step in."
• However, Johnson tempered expectations of Congressional action in the near-term: “...three weeks into the tariff policy of this new administration? I don’t think it’s appropriate for Congress to jump in the middle of that and try to legislate.”
• The Senate could vote as soon as today on a symbolic resolution to block Trump's 'reciprocal' tariffs. The resolution will be killed in the House but a sizable contingent of dissenting Republican votes would increase pressure on GOP leadership to consider action to rein in Trump's agenda.
• Johnson also confirmed, as expected, that the debt ceiling X date is the real deadline for the ‘big beautiful’ tax and spending reconciliation bill: "That's a big pressure point... I have had to work under the assumption... that it could be the earliest date, maybe early June, so we can't be caught flat-footed on this."
• As it is likely to fall in late summer or Autumn, the X date provides breathing room for Johnson, who initially targeted Memorial Day as his deadline.

MNI looks at the likely takeup on an EU plan meant to provide up to EUR650 billion in fiscal space for defence.- On MNI Policy MainWire now, for more details please contact sales@marketnews.com

Belgium has announced it will be looking to sell up to a combined E500mln of the following at its ORI operation this Friday, May 2:

• the 1.45% Jun-37 OLO (ISIN: BE0000344532)
• the 3.45% Jun-43 OLO (ISIN: BE0000359688)