| The chummy gathering between Xi Jinping, Russia’s Vladimir Putin and India’s Narendra Modi may have been the most surprising image from this week’s meetings in China, symbolizing the potential for economic shifts that could offer the world an ability to withstand threats from Trump. While Xi told North Korea’s Kim Jong Un that Beijing is committed to strengthening ties, Australia and Japan are tightening their military and economic bonds as the region grows more volatile and US reliability fades.  Putin, left, with Modi and Xi during the Shanghai Cooperation Organisation summit in Tianjin this week. Photographer: Alexander Kazakov/AFP/Getty Images Thailand’s parliament elected Anutin Charnvirakul as the nation’s third prime minister since 2023 today, in a move that may offer only a brief period of political calm. The former construction magnate secured the top spot only with the support of the People’s Party, which demanded he commit to hold elections within months. Former Premier Thaksin Shinawatra, meanwhile, flew yesterday to Dubai for what he said was a medical checkup, just days before a court ruling that could see him jailed. German Chancellor Friedrich Merz voiced exasperation that Europe lacks the clout to force Russia to end its war in Ukraine after the US continued to stall on providing security guarantees or agree on sanctions. Putin said in a speech today in Vladivostok that any western troops that appeared in Ukraine “especially during the current hostilities” would be regarded as “legitimate targets for destruction.” A vote Sunday for the Buenos Aires provincial legislature is a bellwether for Argentina’s midterms in October, in which President Javier Milei needs to win more seats in congress to help push through his pro-business reforms. A wide loss for Milei’s allies is likely to accelerate a selloff in the nation’s assets triggered by a graft scandal around his sister, while a win, a tie or even a narrow defeat in the opposition-dominated province would probably trigger a rally and supercharge his mandate for tough austerity.  A garbage-strewn stream in the La Matanza area of Buenos Aires, where Milei kicked off his campaign for the provincial legislature. Photographer: Anita Pouchard Serra/Bloomberg The Trump administration’s decision to scrap validated end user, or VEU, authorizations from the Biden-era that have allowed chipmakers Samsung, SK Hynix and TSMC to supply factories in China without seeking Washington’s permission has left governments and industry seeking an alternative approach. Trump, meanwhile, said he would be imposing tariffs on chip imports “very shortly” but would spare goods from companies like Apple that have pledged to boost their US investments. Japan risks having to pay higher tariffs if it doesn’t fund Trump’s investment recommendations, according to a document fleshing out a $550 billion initiative agreed by the two nations in July. Mexico is considering imposing new tariffs on countries including China with which it doesn’t have a trade agreement, President Claudia Sheinbaum announced, part of a so-called “Plan Mexico” program aimed at promoting domestic industry. Fresh from telling US lawmakers that curbs on online speech have plunged Britain into “authoritarianism,” Nigel Farage will today try to keep his own party’s representatives in check at Reform UK’s biggest gathering yet.  Farage and recent Reform convert Laura Anne Jones. Photographer: Tom Skipp/Bloomberg Danes should consider joining the euro if they want a bigger role in the European Union, their central bank chief told us, suggesting that such a move could help insulate the nation from global turbulence. Don’t miss from Bloomberg Weekend: Tom Orlik and Jennifer Welch provide this guide to the new world order — or disorder — and Mishal Husain speaks to financier-turned-politician Tidjane Thiam about being barred from Ivory Coast’s election and why African countries need democracy. Subscribe to the Bloomberg Weekend newsletter here. If the trade war is still ongoing and the economy looking shakier, why is the stock market doing so well? On this week’s episode of Trumponomics, host Stephanie Flanders is joined by Bloomberg Economics economist Anna Wong and Everything Risk author Ed Harrison to discuss this curious state of affairs. Listen on Apple, Spotify or wherever you get your podcasts. | 
