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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 Latin America shifts to the right, the movement’s intellectual lodestar is looking wobbly. Javier Milei’s approval is at the lowest since he took office in Argentina in 2023, with campaigns against corruption and inflation — the two main tenets of his presidency — faltering. 
Milei at the National Congress in Buenos Aires on March 1.
Photographer: Anita Pouchard Serra/Bloomberg
Milei’s cabinet chief and the public face of his austerity drive, Manuel Adorni, is under investigation over allegations of illicit enrichment. Inflation accelerated in March after nine months without slowing, and wages aren’t keeping up. Still, Milei is sticking to his Trumpian script. He turned a routine Adorni appearance before congress this week into a media spectacle, showing up with all his ministers and his sister, cheering and hurling insults at left-wing opponents. Adorni, who once boasted the government fired an official for buying a coffee machine, offered few details on an all-cash trip to Aruba with his family, a private jet getaway to a posh beach resort in Uruguay, and two properties purchased while earning $2,500 a month. Then there’s the Libra scandal, a meme coin Milei promoted last year that quickly crashed and cost investors $250 million. Faced with lurid new details, the government’s explanations remain sparse. The allegations cut deeper as the economy shows signs of strain: Argentines now rank corruption as their top concern. 
Milei during a campaign rally ahead of the Buenos Aires provincial elections on Sept. 3.
Photographer: Anita Pouchard Serra/Bloomberg
To be sure, sectors like energy and agriculture are booming. Milei reaffirmed his support with a midterm landslide in October, and there’s a long ways to go before he’s up for reelection late next year. Donald Trump helped secure Milei’s midterm victory with a $20 billion lifeline because he considered him a “beacon” of the right in South America. But Milei could soon be just one of many as conservatives gain ground across the region. Elections this year in Peru, Colombia and Brazil might lock in that rightward turn, just as Milei’s grip begins to slip. — Manuela Tobias Global Must ReadsThe head of Taiwan’s main opposition party, Cheng Li-wun, asked to meet with Trump on a planned trip to the US, casting herself as a leader who could prevent a conflict with China through dialogue. It’s rare for Taiwanese political figures to seek meetings with top officials in the US, with direct contact with foreign leaders risking angering Beijing. 
Cheng Li-wun, Kuomintang chairperson, at the party’s headquarters in Taipei yesterday.
Photographer: An Rong Xu/Bloomberg
The US president said he will stick with the “incredible” naval blockade of Iranian ports amid concerns the vital Strait of Hormuz will not reopen anytime soon. Oil prices steadied after yesterday’s surge as traders factor in the possibility of a return to hostilities and a prolonged shutdown of the waterway. Trump said he’d remove some whisky tariffs following the US visit by King Charles III, a move that delivers a major trade concession to the UK. While details weren’t immediately available, the president told reporters that “I did it in honor of the king and queen.” Buckingham Palace said Charles “sends his sincere gratitude for a decision that will make an important difference to the British whisky industry.” 
A worker rolls a barrel of whisky at a distillery in Glasgow, Scotland.
Photographer: Jeff J Mitchell/Getty Images
Singapore Prime Minister Lawrence Wong warned of bigger disruptions ahead as the country navigates a more uncertain global environment, from the Iran conflict to the rapid rise of AI. “The pace of change will be faster than anything we have seen before,” he said in a May Day address, adding “we may not be able to protect every job, but we will protect every worker.” 
The US sanctioned Joseph Kabila, the former president of the Democratic Republic of Congo, for his ties to a rebel group occupying a large part of the country’s mineral-rich east. Trump indicated he was open to drawing down American military personnel from NATO members Spain and Italy a day after saying he was reviewing US troop levels in Germany. Prime Minister Giorgia Meloni’s government presented a series of measures aimed at expanding housing access for Italians, part of a push to address cost-of-living concerns ahead of next year’s general election. 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
Ukraine’s attacks on Russian oil infrastructure in April climbed to the highest monthly level since December, with at least 21 strikes on refineries, assets at sea including export terminals and pipelines. The result has been to cut Moscow’s refinery runs to multi-year lows. As peace talks languish, Ukraine has intensified attacks on its foe’s infrastructure as Kyiv aims to reduce the windfall revenues Moscow is reaping from the Iran war-driven rally in global oil markets. And FinallyIndia is likely to endure a blistering summer until monsoon rains arrive in June, with higher-than-average heat levels already straining power grids as the world’s most populous nation struggles to cope. Temperatures have surged beyond 40C (104F) — punishing levels, given the humidity — and nights offer only mild relief, forcing residents to run cooling appliances around the clock, pushing up electricity demand to unprecedented levels. Data from air-quality monitoring platform AQI this week showed that every one of the 50 hottest cities in the world was in India. 
Water sprinklers in Varanasi in April.
Photographer: Nitharika Kulkarni/AFP/Getty Images
Pop Quiz (no cheating!). The people of which capital city are celebrating the easing of monthlong restrictions on energy use due to the Iran war that forced businesses to close early, curtailing nightlife? Send your answers to balancepower@bloomberg.net More from Bloomberg
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