Crypto News: Xi’s stronger hand

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

When Donald Trump put protectionism at the heart of his presidential bid back in 2016, he said the US couldn't continue to let China commit "the greatest theft in the history of the world."

Ten years and two trade wars later, the Asian export juggernaut has emerged as the biggest winner from the US Supreme Court's ruling to nix the president's so-called reciprocal tariffs.

Trump responded with plans for a 15% global rate, using a different legal justification. That'll keep the tariff dollars rolling in, with no respite for the US businesses and consumers who ultimately foot the bill.

Questions now arise over whether core trading partners will honor agreements made under those now-redundant duty rates.

If they heed US Trade Representative Jamieson Greer and stick to their deals, a fresh global status quo will emerge. But if they decide all bets are off, a whole new round of trade brinkmanship beckons.

TOPSHOT - US President Donald Trump (L) talks to China's President Xi Jinping as they shake hands after their talks at the Gimhae Air Base, located next to the Gimhae International Airport in Busan on October 30, 2025. US President Donald Trump and China's leader Xi Jinping opened on October 30 their first face-to-face meeting in six years, seeking a truce to end a trade war that has roiled the world economy. (Photo by ANDREW CABALLERO-REYNOLDS / AFP) (Photo by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images) Photographer: ANDREW CABALLERO-REYNOLDS/AFP — Trump and Xi in South Korea in October.

President Xi Jinping, who is due to host Trump on a visit starting March 31, has good reason to avoid fresh tensions, with average levies on Chinese goods down and the nation's export engine in full swing. Already holding strong cards, Xi will now face a US leader suddenly denied his favored means of leverage.

It may instead be Europe that upsets the apple cart. With the court ruling giving cover to backtrack from a disadvantageous deal, the main political groups in the European Parliament are set today to freeze the ratification process.

The chaos unleashed is real and global.

Trade officials from India postponed a trip to the US aimed at finalizing their interim deal. The UK and Australia, which as close US allies had both secured preferential 10% rates, are now in the same boat as everyone else.

Spare a thought for Indonesia, whose president only inked a deal with the US last Thursday. — Malcolm Scott

President Trump speaks during a news conference in the James S. Brady Press Briefing Room of the White House in Washington, DC, on Feb. 20. — Trump speaks during a news conference at the White House on Friday.

Global Must Reads

The US and Iran are set to resume nuclear talks on Thursday in Geneva, extending the search for a diplomatic solution to the latest standoff over Tehran's atomic program. While Trump said he's considering limited strikes, risking another destabilizing conflict, Iranian Foreign Minister Abbas Araghchi reiterated yesterday that the Islamic Republic is working on a proposal for an agreement that meets the needs of both parties.

Mexican authorities killed a top cartel leader, fueling violent clashes across the country but winning praise from the Trump administration. Taking out the Jalisco cartel's Nemesio Rubén Oseguera Cervantes — boss of one of the main groups that traffics cocaine, methamphetamine and fentanyl to the US — marks a major success for Mexican President Claudia Sheinbaum amid increasing pressure from Washington to halt the flow of drugs.

Nemesio Rubén Oseguera Cervantes, also known as — Oseguera, also known as "El Mencho."

Hungary provoked an outcry among its European Union partners over a threat to block the latest sanctions package against the Kremlin and a €90 billion ($106 billion) loan for Ukraine due to a row with Kyiv about fuel shipments from Russia. Ukrainian officials, meanwhile, said Russian forces carried out weekend missile and drone attacks, including on a factory of US food and beverage company Mondelez International that produces Oreo biscuits in Ukraine.

Afghanistan's Taliban government vowed to respond to Pakistan's series of cross-border air strikes in the country's east, renewing tensions between the neighbors that exchanged deadly blows last year. A spokesman in Kabul said yesterday that dozens of people including women and children were killed or wounded, while Pakistan officials said the attacks at seven camps killed more than 80 militants.

South Korean President Lee Jae Myung and his Brazilian counterpart, Luiz Inácio Lula da Silva, agreed a slew of deals covering areas including critical minerals and artificial intelligence, while pushing to expand bilateral ties. During the South American leader's first state visit to the Asian country in 21 years, they agreed to upgrade their countries' relationship to a "strategic partnership" and strengthen exchanges in cultural content and aviation.

Luiz Inacio Lula da Silva, left, and Lee Jae Myung at a joint press conference in Seoul on Feb. 23. Photographer: Jeon Heon-kyun/AFP/Getty Images — The Brazilian and South Korean presidents at a news conference in Seoul today.

The US Secret Service said a man "carrying what appeared to be a shotgun and a fuel can" was shot and killed after entering a secured area at Trump's Mar-a-Lago estate in Florida. The president was not in residence at the time and spent the weekend in Washington.

The International Criminal Court will begin a hearing today to determine whether charges of crimes against humanity against former Philippine President Rodrigo Duterte should proceed to a full-blown trial.

A Turkish court is due to hear arguments today over alleged irregularities in the main opposition party's 2023 congress, with 12 defendants including jailed Istanbul Mayor Ekrem İmamoğlu accused of bribing party members to influence the outcome of a vote to elect new leadership.

Supporters hold a poster of Ekrem Imamoglu during a rally in Ankara in 2025. Photographer: Serdar Ozsoy/Getty Images — Supporters hold a poster of İmamoğlu at a rally in Ankara in 2025.

Australian Prime Minister Anthony Albanese dismissed the idea of immigration cuts or tighter border checks, even as opinion polls show a surge in support for the country's hard-right One Nation Party.

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

Long before he helped turn South Korea's Kospi into the world's hottest stock index, President Lee was a struggling 30-something day trader. Decades later, he's still miffed, sources say, about the fact that his losses were amplified by deals cut by controlling shareholders to enrich themselves at the expense of ordinary investors. That prompted him to impose sweeping reforms after he took power in June, helping ignite a stock rally so vigorous it's already overtaken his "Kospi 5,000" campaign slogan.

And Finally

Interest in visiting Greenland has never been higher, with the Danish Arctic territory notching up twice as many international arrivals in 2025 as it did the previous year. As the political turmoil around Trump's designs on the island has receded, locals have returned their focus to the tourism boom. They're currently preparing for the seasonal resumption of United Airlines direct flights from Newark airport in May, earlier than last year. The territory's extreme isolation and infrastructural challenges — getting around often requires boat or helicopter access — make it an expensive place to visit, with high prices for food, fuel and accommodation.

Nomad Greenland's Camp Kiattua lies in the secluded Kiattua Valley, a 90-minute boat ride from the capital city of Nuuk. Photographer: Jackie Caradonio/Bloomberg — Nomad Greenland's Camp Kiattua lies in the secluded Kiattua Valley, a 90-minute boat ride from the capital Nuuk.

Thanks to everyone who answered Friday's quiz question, and congratulations to Bethany Roszko, who was first to name Peru as the Latin American country where the president was ousted by lawmakers this week after just four months in power.