Fighting mood

What to make of tomorrow night’s UFC fight at the White House. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here. Anniversary pageantry often serves to reassure a nation, with the fireworks and fanfare intended as a demonstration of permanence. But sometimes they can reveal just how fragile things have become. Consider the 1971 celebration at Persepolis, where the Shah of Iran blew millions on French catering and a tent city to welcome kings, sultans and presidents for a celebration of Persia’s 2,500 years — inadvertently fanning the flames of revolution. What then to make of tomorrow night’s UFC fight at the White House, a spectacle celebrating the US’s 250th anniversary on President Donald Trump’s 80th birthday? The UFC octagon and fighting arena during a media preview. Photographer: Aaron Schwartz/Bloomberg There’s no doubt the president is excited about the $60 million display on the South Lawn, where contractors have been busy constructing an elaborate portable arena known as “the claw.” Supporters say the event will boost military recruitment and unify Americans — plus offer some fun. Trump personally lobbied for one of the seven bouts on the card, and organizers hinted he may allow fighters to emerge from the Oval Office. The G7 summit in France was even pushed back to accommodate the show. Trump predicted it’ll be “the biggest event we’ve ever had” at the White House. The risk is it enters the annals of cocksure displays that precede unfortunate political setbacks. This week’s resumption of hostilities with Iran pushed oil higher and stocks lower, and coincided with data showing inflation jumping to its highest level since 2023. Few Americans seem in a celebratory mood, and the president’s obsession with pet projects fuels Democratic arguments he lacks focus on pocketbook issues. Mother Nature may also upset the party, with a muggy 91° F (33° C) forecast, which could exhaust spectators and fighters. The success of Trump’s birthday bash will boil down to this: whether voters remember it as a celebration of national grit, or an LED-dazzled monument to presidential hubris. — Justin Sink A UFC champion belt as Trump speaks in the Oval Office in early May. Photographer: Yuri Gripas/Abaca/Bloomberg Global Must Reads The US and Iran are edging closer to signing an agreement to reopen the Strait of Hormuz as the Group of Seven world leaders are set to gather next week, according to senior officials. Meanwhile, senior national-security officials from the United Arab Emirates and Iran held a face-to-face meeting for the first time since the war started, amid their growing acknowledgment of the importance of calmer bilateral ties, sources say. Chinese Vice Premier Zhang Guoqing made a case for the benefits of free trade during a video call with G7 nations yesterday, as Beijing faces questions over its role in contributing to global economic imbalances. The rare invite for Beijing to take part in the multilateral discussion came against the backdrop of talks in Europe over possible new restrictions to counter China’s export surge. The “Dumpling Alliance” of eastern European states supporting Taiwan has faded, with countries like Lithuania, the Czech Republic and Slovakia taking a more cautious approach. Countries face the delicate task of trying to support Taiwan while also securing trade and investment from China, especially as the US becomes a less reliable partner under Trump. Keir Starmer’s defense secretary quit over the UK premier’s failure to follow through on vows to “spend more, faster” to counter the threat from Russia. With potential challengers to the prime minister’s leadership circling, John Healey’s resignation leaves Starmer badly damaged and the UK with diminished credibility as a leading military force. UK Business Secretary Peter Kyle reacts to Healey’s resignation. Canada’s first-ever minister of AI and digital innovation, Evan Solomon, said in an interview that “there’s a political realignment happening at the same time as a technological revolution” — events that rarely coincide. That explains why Canada unveiled a new AI strategy this month that aims to pool resources with other countries so they aren’t reliant on the US or China. Switzerland’s voters go to the polls this weekend for the most consequential plebiscite in a generation. If successful the proposal would cap the population at 10 million with far-reaching consequences for the economy. The US sanctioned Cuba’s state oil and gas company, potentially derailing a deal by a Florida trading firm to send fuel to the communist-run island’s private sector in the middle of a dire energy crisis. Trump said he’s nominating Jay Clayton to be the director of national intelligence, following backlash over his selection of housing regulator Bill Pulte to serve in the role on an acting basis. Indonesian authorities will deploy thousands of police and soldiers as students gather in the capital to protest the rising cost of living. Protesters in Jakarta today. Photographer: Dimas Ardian/Bloomberg Don’t miss from Bloomberg Weekend: Mishal Husain speaks with former England football star Gary Lineker about his new Netflix show and his concerns about the Trump World Cup. Randy Thanthong-Knight and Suttinee Yuvejwattana write about Thailand’s same-sex romance dramas, while Anup Roy and Shruti Srivastava look at what happens when it’s too hot to work. Subscribe to the newsletter here. 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 US scientists say the El Niño weather phenomenon that has emerged in the equatorial Pacific is on track to become one of the strongest on record, raising the chances of destructive droughts and floods in the months ahead. Such El Niños can pressure agricultural production, energy markets and global shipping routes, while increasing the threat of disease outbreaks. And Finally The US and Canada delayed today’s planned opening of a new $4.6 billion bridge from Michigan to Ontario that Trump had threatened to block, suggesting the president’s grievances over its cost and control haven’t been resolved. The fracas is a glaring symbol of the rift that has developed between the nations, longstanding allies that share the world’s longest undefended border and conduct almost $900 billion of annual trade with each other. The Gordie Howe International Bridge. Photographer: Emily Elconin/Bloomberg Pop Quiz (no cheating!). What is the name of the daily protest action in Albania that started as a campaign against property developments led by Jared Kushner? Send your answers to balancepower@bloomberg.net. 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