Trump to rally House GOP as reconciliation fight reaches boiling point... Trump will address the House Republican Conference this morning in a high-profile push to unify support for the sweeping reconciliation bill known as the “One Big, Beautiful Bill” Act. The meeting is set for 8:30 a.m. ET in the Capitol, with Trump expected to deliver his remarks at 9:00 a.m.
Trump’s visit underscores mounting urgency and turmoil within the GOP ranks, as House Republicans remain at an impasse over key provisions of the reconciliation package — particularly on Medicaid reform, tax credits and state aid formulas.
Speaker Mike Johnson (R-La.) has signaled flexibility, with GOP leadership tentatively proposing a phase-out of clean energy credits by 2028 and openness to FMAP reforms. Still, these moves have not quelled concerns among GOP moderates.
Even if the bill clears the House, Senate passage remains a major hurdle. Senate Majority Leader John Thune (R-S.D.) emphasized that the upper chamber must first subject the bill to a Byrd Rule scrub, removing any provisions that don’t comply with reconciliation rules.
“It’s not going to happen overnight,” Thune said, “but it should happen in a timely way.” He also hinted at potential committee markups and negotiations to incorporate senators’ priorities.
India pursues three-phase trade pact with U.S. ahead of July tariff deadline... India is pursuing a multi-phase trade agreement with the U.S., aiming to finalize an interim pact before President Donald Trump’s reciprocal tariff package takes effect in July, according to Bloomberg. The deal is expected to unfold in three stages:
- Phase 1 (pre-July): A limited agreement covering market access for industrial goods, selected agricultural products and easing of non-tariff barriers, such as quality control standards.
- Phase 2 (Fall 2025): A broader agreement potentially covering all 19 areas listed in the terms of reference signed in April. This could coincide with Trump’s expected visit to India for the Quad summit.
- Phase 3 (2026): A comprehensive final agreement, pending Congressional approval. Indian Commerce
Minister Piyush Goyal is currently in Washington meeting with U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick to accelerate talks.
Both sides have yet to formally confirm the three-tier structure.
FT looks at how Trump’s trade deals could reshape the global economy... Trump’s recent trade policies have unleashed seismic forces that are set to transform the global economy, accelerating a move away from neoliberalism and toward de-globalization, the Financial Times (FT) reports. It says the new wave of tariffs and trade agreements marks a decisive shift toward regionalization, with the U.S. increasingly prioritizing its own interests and challenging the established global trading order.
Key Impacts of Trump’s Trade Deals
The Trump administration has imposed a sweeping 10% tariff on imports from a wide range of countries, targeting what it calls the “worst offenders” in trade fairness. These tariffs are being rolled out in stages.
The immediate fallout has been significant market volatility. Following the announcement of new tariffs, U.S. stock indices experienced sharp declines, entering correction and bear market territory. This turbulence has led major companies to delay IPOs, and mergers and acquisitions activity has slowed, raising concerns about broader economic growth.
Major trading partners, including China and EU, have responded with their own retaliatory measures.
The inflationary impact of these tariffs is expected to be more persistent than initially thought. Federal Reserve Chair Jerome Powell has warned that the new tariffs could result in higher prices for everyday goods and slower economic growth, with the effects potentially lasting longer than anticipated.
The tech sector is particularly vulnerable, according to the FT item, with analysts warning that tariffs could drive up the cost of products like smartphones and consumer electronics, potentially leading to widespread price increases and economic disruption.
A Broader Shift in Global Trade
Trump’s approach signals a broader retreat from globalization, with the U.S. moving toward a more protectionist and transactional stance in its trade relationships. This is likely to result in:
- Increased regionalization, as countries seek to form smaller, more localized trade blocs in response to U.S. policies.
- Heightened uncertainty for multinational businesses, which must now navigate a more fragmented and unpredictable global trade environment.
- Potential long-term consequences for global supply chains, investment flows, and economic growth, as the world adapts to a less integrated trading system.
FT’s bottom line: Trump’s trade deals are not just short-term policy shifts but represent a fundamental reordering of global economic relationships, with far-reaching implications for businesses, consumers and governments worldwide.
Farm groups slam White House MAHA report ahead of release... Politico reports that leading U.S. farm organizations issued a blistering statement Monday criticizing the forthcoming report from the White House’s Make American Healthy Again (MAHA) Commission — even before its public release. Groups including the American Soybean Association and the International Fresh Produce Association warned the findings could severely damage relations with producers and undermine American food security.
“Should the MAHA Commission report baselessly attack and, worse yet, make claims that are simply untrue against the hardworking men and women who feed our nation, it will make further cooperation on this initiative very difficult and potentially put American food production at risk,” the coalition said in a joint statement.
The statement also takes aim at White House official Calley Means, described as a key advisor to President Robert F. Kennedy Jr. on the MAHA initiative. According to a person familiar with the matter, Means has refused multiple meeting requests from farm representatives.
“Grower groups are becoming furious that we’ve asked for meetings and have heard nothing,” the person said, underscoring growing tensions between the administration and the agricultural sector.
Rollins unveils ‘farmers first’ agenda to revive small family farms... The first slate of policy proposals under the Make Agriculture Great Again initiative was unveiled Monday by USDA Secretary Brooke Rollins, including a sweeping “Farmers First: Small Family Farms Policy Agenda” aimed at revitalizing America’s small-scale agriculture. After a national listening tour that included hundreds of on-the-ground conversations with farmers, Rollins emphasized that 86% of U.S. farms qualify as small family farms — and they need urgent support to survive and thrive. “America’s family farms help feed, fuel, and clothe the world, but they also face some of the greatest challenges in getting their farms started and keeping them running,” said Rollins. “Putting Farmers First means removing roadblocks, not building them.”
USDA’s new policy platform outlines a targeted set of actions, including:
- Streamlining USDA applications to be simple, transparent and farmer-focused.
- Improving access to reliable credit and ensuring farmland stays in production.
- Enhancing succession planning so farms can be passed on to future generations.
- Modernizing USDA definitions to reflect current realities of farm size and operations.
- Expanding risk management tools, education and local market access.
- Pursuing labor and regulatory reforms to reduce burdens on producers.
“Today’s policy agenda is tailored specifically to support small-scale farms to thrive for generations to come,” Rollins said. “President Trump knows America’s economic prosperity depends on the success of our farmers and ranchers.”
USDA says additional measures under the Make Agriculture Great Again initiative will follow in the coming months.