Balance of Power
Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here.The impression formed after the mu
View in browser
Bloomberg

Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here.

The impression formed after the much-anticipated conversation between Donald Trump and Vladimir Putin, their third in three months, was that the US president is walking away from Russia’s war in Ukraine.

The manner in which Trump extricated himself was telling. He started off in a Truth Social message by saying how well the phone call had gone. As he went on, it became clearer that he may be leaving Ukraine to it.

WATCH: Donald Trump talks about a possible Russia-Ukraine accord.

The Europeans had thought they might influence the outcome if they got to Trump first. They reminded him of his threat to hit Russia with secondary sanctions.

But Trump didn’t follow through and without the US joining them, the measures have much less bite. Putin knows it.

What was apparent is that Trump values the prospect of doing business with Putin’s Russia and is tired of the messy process of trying to broker peace. He conveyed the same message last week on his tour of the Gulf region — that he could turn a blind eye to geopolitical issues for the sake of a deal.

That’s the best outcome for Putin. His relationship with the US leader remains intact, and he retains space to pursue Russia’s war aims.

But in the fourth year of Russia’s invasion, a US retreat is a depressing prospect for Volodymyr Zelenskiy, who has essentially said yes to all Trump has proposed since his dressing down in the Oval Office.

“The only one who benefits from that is Putin,” the Ukrainian president observed.

If Trump was abdicating from the search for a solution, he had just the man to take over.

He volunteered the new — American — Pope and the Vatican as a forum. When asked if Putin wanted a truce and if Leo XIV could deliver peace, Trump simply said: “I do.” — Flavia Krause-Jackson

A member of Ukraine’s 28th Separate Mechanized Brigade during a training exercise in Donetsk region on May 1. Photographer: Genya Savilov/AFP/Getty Images

Global Must Reads

Chinese battery giant CATL rose in its Hong Kong trading debut today after completing the world’s biggest listing this year — despite being blacklisted by the Pentagon. CATL, which supplies batteries to the likes of Tesla, Volkswagen and Mercedes, intends to use the funds for its continued overseas expansion, with many investors and governments regarding the allure of a firm at the global forefront of electric-vehicle technology outweighing the risks of getting caught up in the ongoing US-China standoff.

CATL Chairman Robin Zeng strikes a gong at the listing ceremony in Hong Kong. Photographer: Paul Yeung/Bloomberg

Key Senate Democrats urged the Trump administration to revisit artificial-intelligence deals with Saudi Arabia and the United Arab Emirates, saying that expanded sales of AI chips to the Middle Eastern countries risk exposing advanced technology to China and Russia. China meanwhile accused the US of undermining trade talks in Geneva after the Commerce Department warned that using Huawei’s AI chips “anywhere in the world” would violate American export controls.

UK Prime Minister Keir Starmer heralded a “landmark deal” with the European Union yesterday that he billed as a reset moment for relations under his government. Still, many details remain unresolved and Brexit never seems to end. China is at the same time giving European business leaders the warmest welcome in years in an effort to strengthen ties with the bloc as Beijing seeks to counter Trump’s tariff pressure and stabilize its slowing economy.

A Republican proposal to tax remittances would deliver an economic blow to some of the US’s poorest neighbors, including a close Trump ally. The levy may directly hit payments that represent about one-fifth of the gross domestic product of El Salvador, where President Nayib Bukele has formed a strong alliance with the White House by accepting deportees to be imprisoned.

A MoneyGram office in El Salvador. Photographer: Camilo Freedman/Bloomberg

Polish Prime Minister Donald Tusk and his allies have less than two weeks to convince voters to stick with their ruling coalition after a surge in support for nationalists in a presidential election. In what’s turned into a referendum on the government’s 18 months in power, Tusk ally Rafał Trzaskowski will face Law & Justice opponent Karol Nawrocki in a runoff on June 1.

Romania’s finance chief said a new government will need to move quickly to fix state finances even after the election of Bucharest Mayor Nicușor Dan as president ahead of a hard-right nationalist helped soothe market turmoil.

India is discussing a US trade deal structured in three tranches and expects to reach an interim agreement before July, when Trump’s reciprocal tariffs are set to kick in, sources in New Delhi say.

The US Senate confirmed Charles Kushner the father of Trump’s son-in-law, Jared Kushner — to be ambassador to France as the president turns to his familial ties to relay his administration’s diplomacy at international posts.

Trump plans to go to the Capitol today to urge fractious House Republicans to overcome divisions and unite behind his signature tax-cut legislation.

Tune in to our live coverage of the Qatar Economic Forum 2025, including highlights of today’s opening keynote address by Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman Al-Thani.

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

International pressure has mounted on Israel to restart aid into Gaza, and yesterday Prime Minister Benjamin Netanyahu said that Israel would do so after stopping supplies in early March in a bid to make Hamas release hostages and surrender. As of late yesterday, only nine trucks had been allowed into Gaza via the Kerem Shalom crossing, where the territory borders Israel and Egypt, said Tom Fletcher, the top United Nations Humanitarian coordinator. “A drop in the ocean,” he posted on X.

And Finally

As Lai Ching-te marks his first year as Taiwan’s president, he’s sending a stark warning to his people: There’ll be consequences if you say anything that threatens the archipelago’s security. Since taking office, Lai’s government has deported Chinese nationals married to Taiwanese citizens for posting social-media videos supporting China annexing the democracy. He has also targeted Taiwanese entertainers operating in China to prevent their work from being used in Chinese propaganda. Tens of thousands of opposition supporters protested in Taipei last month, accusing Lai of wiping out democratic freedoms.

Lai Ching-te delivers during the National Day celebration in Taipei on Oct. 10. Photographer: An Rong Xu/Bloomberg

More from Bloomberg

  • Check out our Bloomberg Investigates film series about untold stories and unraveled mysteries
  • Next China for dispatches from Beijing on where China stands now — and where it’s going next
  • Next Africa, a twice-weekly newsletter on where the continent stands now — and where it’s headed
  • Economics Daily for what the changing landscape means for policymakers, investors and you
  • Green Daily for the latest in climate news, zero-emission tech and green finance
  • Explore more newsletters at Bloomberg.com
Follow Us

Like getting this newsletter? Subscribe to Bloomberg.com for unlimited access to trusted, data-driven journalism and subscriber-only insights.

Want to sponsor this newsletter? Get in touch here.

You received this message because you are subscribed to Bloomberg's Balance of Power newsletter. If a friend forwarded you this message, sign up here to get it in your inbox.
Unsubscribe
Bloomberg.com
Contact Us
Bloomberg L.P.
731 Lexington Avenue,
New York, NY 10022
Ads Powered By Liveintent Ad Choices