Looking vulnerable

While Xi’s power is growing, Putin’s is starting to fade  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here. Vladimir Putin travels to Beijing today looking more vulnerable than he did when he last met Chinese President Xi Jinping in September. A record Ukrainian drone attack on Moscow on Sunday brought the war home to its residents in dramatic fashion, little more than a week after the Russian president oversaw a stripped-down World War II Victory Day military parade on Red Square precisely out of fear of such a strike. Images of drones flying over Moscow’s suburbs in defiance of Russian air defenses appeared on social media despite an official ban on posting them. Many Russians now directly blame Putin for bringing war to their doorsteps as Ukraine carries out increasingly long-range drone attacks in the fifth year of a conflict that was meant to end in days. Bloomberg’s Stephen Engle reports on Putin’s trip to Beijing. That’s adding to swelling public anger over internet restrictions the Kremlin says are needed for security reasons. When Putin sits down with Xi, he’ll be hoping to capitalize on another war — the one in the Middle East. The global energy turmoil caused by US President Donald Trump’s conflict with Iran is raising Russian hopes of progress on a major gas-pipeline project to China. The US issued a new monthlong waiver yesterday allowing the sale of Russian crude and petroleum products already loaded on tankers to help rein in fuel costs. Still, fresh from his summit last week with Trump, Xi can afford to play hardball even as China is eager for oil and gas to flow through the Strait of Hormuz again. Russia has few alternatives with gas sales to Europe largely cut off over the war in Ukraine. Its sanctioned economy remains heavily dependent on China. Xi told Trump that Putin might end up regretting his invasion of Ukraine, the Financial Times reported, citing sources. The Russian and Chinese leaders will likely stress their “no-limits” friendship at tomorrow’s talks. But while Xi’s power is growing, Putin’s is visibly starting to fade.— Anthony Halpin Global Must Reads Trump said he called off a new bombardment of Iran planned for today after Saudi Arabia and other Persian Gulf allies wanted more time to pursue diplomacy. He gave no details on what targets US forces would have attacked or what kind of deal he would accept, beyond that it would have to include “no nuclear weapons for Iran.” Ships anchored in the Strait of Hormuz near Larak Island, Iran, on Saturday. Photographer: Majid Saeedi/Getty Images European Union officials meet today in an effort to finalize legislation for the bloc’s trade deal with the US, and failure to reach an agreement means the EU risks missing Trump’s July 4 deadline to have the accord in place. He previously threatened to hike tariffs on European auto imports to 25% from 15% because the EU hadn’t moved quickly enough to implement the deal, which was signed nearly a year ago.  Protesters angry about food shortages clashed with security forces in Bolivia, with some calling for President Rodrigo Paz to step down after six months. The national labor union, highland farmer federations and supporters of socialist former President Evo Morales converged on the political capital, La Paz, to vent their frustrations, with three weeks of blockades fanning higher grocery prices. A protest in La Paz yesterday. Photographer: Aizar Raldes/AFP/Getty Images Andy Burnham, the Greater Manchester mayor who is the favorite to replace Keir Starmer as UK prime minister, has ruled out changing the government’s self-imposed limits on borrowing if he were to gain power. Committing to current fiscal rules is an attempt to reassure investors wary of a tilt to the left and an increase in public borrowing, yet risks disappointing some in the Labour Party who were hoping for a more radical policy agenda. The US slapped sanctions on some of Cuba’s top leaders and its spy agency, as Washington aggressively ratchets up pressure in a bid to end nearly seven decades of communist rule. The punitive action is part of Trump and Secretary of State Marco Rubio’s push to squeeze the island’s economy, most notably through an energy blockade that has ground many industries to a halt. A close associate of ousted Venezuelan President Nicolás Maduro made his first appearance in Miami federal court after being sent to the US over the weekend to face money-laundering charges.  Mexican President Claudia Sheinbaum will submit a proposal to Congress to reform an upcoming judicial election, following widespread criticism of the erratic rulings of inexperienced judges elected during the first vote last year. The Philippines would likely be involved in any conflict over Taiwan due to its proximity to the island democracy claimed by China, President Ferdinand Marcos Jr. said, reiterating a stance that angered Beijing. US, Japanese and Philippine troops at the annual Balikatan joint military drills on May 4. Photographer: Ezra Acayan/Getty Images 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 Just half of 16-to-24-year-olds in the UK were in payrolled work at the end of last year, according to the Institute for Fiscal Studies analysis that underscores the scale of the country’s escalating youth jobless crisis. The proportion, 50.6%, has fallen from 54.9% at the end of 2022, a drop similar in scale to the pandemic and the 2008 financial crisis, the study of administrative data found. And Finally For generations, Dustin Morris and his family have owned farmland in Richland Parish, Louisiana, acreage whose value has always come from soil enriched by the silt of the Mississippi River. Here, in a poor corner of America, Meta is building one of the world’s largest data center. Dubbed Hyperion, it’s financed by one of the biggest private capital deals ever assembled, requires 10 new gas-fired turbines to power it — and is so secretive that the details were hashed out in an unusually sprawling set of private deals, leaving nearby residents like Morris to learn about it only after it was a fait accompli. Richland Parish, Louisiana. 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 daily 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 We’re improving your newsletter experience and we’d love your feedback. If something looks off, help us by reporting it here. 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