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 Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here. As the world’s attention turns to a looming showdown between Donald Trump and Xi Jinping in South Korea, across the demarcation line, Kim Jong Un is floating the idea of a meeting with the US leader in his own way. South Korea, which hosts the Asia-Pacific Economic Cooperation summit next week, has downplayed the likelihood of a Trump-Kim encounter. But there’s a reason for all the chatter about it happening — not least North Korea’s recent missile launches. In 2019, when Trump and Kim last met in the Demilitarized Zone that separates the two Koreas, it was the US leader’s invitation while in the region that initiated the encounter. Trump, who prides himself as a peacemaker, has repeatedly touted his “very good relationship” with Kim — the same leader he once mocked as “little rocket man.” Kim reminisced last month over his fond memories of Trump and said he’s open to a meeting.  Trump and Kim walk toward the South Korean border in June 2019. Photographer: Brendan Smialowski/AFP/Getty Images If it happens, questions linger over whether it would amount to anything more than a glorified photo-op. In the years since talks to denuclearize the peninsula collapsed, Kim has recast his image from pariah into global player — a transformation underscored when he stood shoulder to shoulder with Xi and Russian President Vladimir Putin at a Beijing military parade in September. Kim then staged his own parade flanked by high-profile guests from China, Russia and Vietnam. There, he showcased his latest Hwasong-20 intercontinental ballistic missile designed to attack the US mainland — signaling his determination to expand and modernize his nuclear arsenal. Kim has in any case set a condition of dropping denuclearization demands. It’s unclear how much traction his bid for attention is gaining. There’s little indication either side is seriously preparing a potential summit. But the message from Pyongyang to Trump is loud and clear. If he were to revisit the idea of resuming dialogue, he’ll face a far more emboldened Kim than the leader he met six years ago. — Soo-Hyang Choi  Kim and his daughter watch what North Korea says is the launch of an intercontinental ballistic missile. Source: Korean Central News Agency/AP Photo Global Must ReadsThe Trump administration sanctioned Russia’s two biggest oil companies, Rosneft and Lukoil, in its first major package of financial punishments on Putin’s economy as part of a fresh bid to end the war in Ukraine. Russian oil flows to major Indian refiners are likely to plunge to near zero, executives at the processors said. Also, the European Union adopted a new package of sanctions targeting Russia’s energy infrastructure. The Trump administration is weighing export restrictions against China that would bar the purchase of a wide swath of critical software. “Everything is on the table,” Treasury Secretary Scott Bessent told reporters. Meanwhile, Trump said he planned to speak to Xi about the Asian nation’s purchases of Russian oil when the two leaders meet next week. Israel needs to do “much more” to help the people of Gaza, a United Nations official said, even as the flow of aid has increased since Prime Minister Benjamin Netanyahu’s government signed a ceasefire deal with Hamas. Israel has started letting more aid into Gaza, but has kept several border crossings closed and continues to block some deliveries, blaming violations of the truce by the militant group.  A Turkish flag flies from a bulldozer clearing rubble in Gaza City. Photographer: Ahmad Salem/Bloomberg Taiwanese officials are courting podcasters and influencers aligned with Trump with a blitz of interviews as they grow more worried the US leader could undermine the self-ruled democracy’s interests in talks with China, sources say. Beijing has asked the White House to officially declare it “opposes” Taiwan independence, a concession that would mark a major diplomatic win for China. As the US government shutdown hurtles through a fourth week, the main source of federal funding for disaster relief is running critically low, threatening to curb crucial assistance in the middle of hurricane season, according to sources. Members of the ultra-conservative House Freedom Caucus in Congress and at least one influential Republican chairman are pushing for a long-term stopgap spending bill as part of their strategy to end the deadlock. Indian Prime Minister Narendra Modi will skip the Association of Southeast Asian Nations summit in Kuala Lumpur because of Deepavali celebrations at home, missing out on a possible meeting with Trump. Two Irish police officers were hospitalized and 23 people arrested during a second night of anti-immigration rioting in Dublin.  A protest outside a hotel housing asylum seekers in Saggart, Ireland, on Tuesday. Photographer: Peter Murphy/AFP/Getty Images Newly appointed Japanese Prime Minister Sanae Takaichi started off her term with high approval ratings, a show of optimism that she can deliver on pledges to counter inflation and strengthen the economy. Trump is interested in meeting Brazil’s Luiz Inácio Lula da Silva and officials are discussing a possible sitdown while the pair are in Malaysia for the ASEAN meeting.  On this week’s Trumponomics podcast, we look at why China is gaining the upper hand in Trump’s trade war. Gavekal Dragonomics’ Arthur Kroeber joins host Stephanie Flanders, Bloomberg’s head of government and economics, to discuss how the latest tit for tat reveals Beijing’s growing leverage in its standoff with Washington. You can also listen on Spotify or wherever you get your podcasts. Sign up for the Washington Edition newsletter for news from the US capital and watch Balance of Power at 1 and 5 p.m. ET weekdays on Bloomberg Television. Chart of the Day Europe’s road to net zero is getting tougher as countries warn their economies can’t absorb the rising costs of meeting climate-emissions targets. EU leaders arrive in Brussels today divided over how fast and how far to push the green transition and are unlikely to agree to a specific target given the bloc’s uncomfortable reality: Europe’s energy transition risks undermining its economic one. And FinallyHuawei is promoting DeepSeek, a Chinese AI chatbot, to African startups and innovation hubs as a cheaper alternative to Western equivalents like ChatGPT. While American firms have focused almost exclusively on proprietary AI with customers paying for access, Chinese companies are courting Africa’s innovation hubs with open-source models that can be accessed and modified for free. To critics, the strategy carries ominous echoes of Belt and Road programs that helped some poor countries build critical infrastructure, but left them heavily indebted and financially dependent on Chinese suppliers.  Computer Village in Lagos, Nigeria. Photographer: Taiwo Arifayan/Bloomberg More from Bloomberg
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