This is the Weekend Edition of Bloomberg Opinion Today, a roundup of the most popular stories Bloomberg Opinion publishes each week based on web readership. New subscribers can sign up here; follow us on Bluesky, TikTok, Instagram, LinkedIn and Threads.

Donald Trump anointed himself, in his second inaugural, as the world’s “peacemaker.” Just three months later, his presidency is consumed by conflict. The coming months will be Trump’s season of crisis, a legacy-making period in which he must navigate three hot wars, a cold war, a potential war and a trade war.

Unfortunately, he’s starting from a deficit of his own making: His decisions have left America’s alliances strained, its economic power tattered, and its strategic competence in question.

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Say ‘You’re Fired’ and Watch What Happens — John Authers

Singapore Property May Be a Good Place to Hide — Andy Mukherjee

Booze Consumption May Be in Terminal Decline — David Fickling

The US Is Leaving the World Behind Faster Than Feared — Andreas Kluth

The Four Reasons Why the Fed Will Be Patient on Rates — Bill Dudley

Tesla’s Cure for Musk’s Missteps Is More Musk — Liam Denning

Yale Signals That Private Equity May Have Peaked — Marc Rubinstein

Ackman’s Hertz Hedge Comes With a Few Dents — Chris Bryant

Here’s Why the President Keeps Ignoring the Law — Noah Feldman

• While the world worries about tariffs, China’s AI is still breaking through, warns Catherine Thorbecke.
• How much are you willing to spend on an iPhone? Dave Lee says most customers would happily pay more for the latest model if Apple increases its prices due to Trump’s tariffs.
• Trump’s promised “golden age” of US manufacturing is lagging behind, says Jonathan Levin.

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