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China’s Xi Jinping starts a four-day trip to Russia today
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With trade talks between the US and China finally getting underway, President Xi Jinping is setting off on an ideological victory lap to assert his vision of a world with waning American influence.

The Chinese leader begins a four-day trip to Russia today for his first meeting with Vladimir Putin since US President Donald Trump rocked global trade with America’s most disruptive tariff regime in a century.

Xi will join more than 20 other world leaders in Moscow including Brazil’s Luiz Inácio Lula da Silva and Venezuela’s Nicolás Maduro for Putin’s celebration of the 80th anniversary of the victory over Nazi Germany in World War II.

The visit further showcases the “no-limits” partnership declared by Xi and Putin, even as Trump seeks to rebuild US relations with Moscow. And it’s a reminder of Beijing’s sway with a contingent of countries eager to see US hegemony replaced by a multipolar world order embraced by Xi and Putin.

WATCH: Bloomberg’s Minmin Low reports on planned trade talks on Bloomberg TV.

Xi wrote in local media today that China and Russia should resist attempts to undermine trust between them, a subtle dig against Trump administration bids to peel Moscow away from Beijing.

He also wrote that the two nations must safeguard the post-war international order. That’s even as Putin’s invasion of Ukraine is challenging fundamental principles of that system.

Still, a more tangible sign of Xi’s success in projecting China as a more reliable partner than the US may come from a reset in Beijing’s ties with Europe, despite frictions over the war in Ukraine.

Before setting off for Moscow, he called on European Union leaders to stand with China against unilateral bullying, a thinly veiled reference to the US.

If he can translate that detente into an expansion of economic ties, it’ll be the clearest signal yet that Xi’s multipolar world is here to stay. — Rebecca Choong Wilkins

An ornamental plate featuring Xi and Putin at a Russian supermarket in Beijing.  Photographer: Na Bian/Bloomberg

Global Must Reads

India conducted military strikes in Pakistan, which said it retaliated in expected tit-for-tat blows after a militant attack last month in Kashmir that killed 26 people. India said it hit nine targets in “a precise and restrained response” that was “designed to be non-escalatory,” while Pakistan’s Ministry of Foreign Affairs called the move an “act of war.”

Pakistani soldiers stand guard after Indian strikes in Muridke today. Photographer: Arif Ali/AFP/Getty images

Friedrich Merz is traveling to Paris and Warsaw today on his first foreign trip as German chancellor, with the 69-year-old conservative still reeling from yesterday’s humiliating initial setback in a parliamentary confirmation vote that raised early questions about his leadership. Talks with French President Emmanuel Macron and Polish Prime Minister Donald Tusk will address issues including Russia’s war on Ukraine, tariffs and migration, and the chancellor is due to speak by phone with the US president tomorrow.

Trump said he would prescribe tariff levels and trade concessions for international partners trying to avert higher duties, saying the US is “not looking to hurt countries” while appearing to move away from the idea that he would engage in back-and-forth negotiations. Meanwhile, India and the UK agreed on a landmark trade deal slashing tariffs on cosmetics, vehicles, alcoholic beverages and other goods, as both sides look for wins to offset American protectionism.

Romanian far-right leader George Simion, who’s in a runoff for the presidency after a resounding first-round win, said he found inspiration in Argentina’s chainsaw-wielding president, Javier Milei, when asked how he’d address the nation’s economic woes. The little-known Trump acolyte said in a Bloomberg News interview that the only answer to a widening budget deficit and lingering inflation is to shrink the state, a stance similar to Milei’s.

An election poster in Bucharest yesterday.  Photographer: Andrei Pungovschi/Bloomberg

Five top aides of Venezuelan opposition leader María Corina Machado escaped the country after the US helped them foil a siege of the Argentine embassy in Caracas where they had been holed up for 15 months. Secretary of State Marco Rubio said the group is on US soil after a “precise operation” to free them.

Trump said the US would stop its bombing campaign against Houthis in Yemen after Oman facilitated a ceasefire, even as the group pledged to keep targeting Israel over its Gaza campaign. 

Poland’s central bank is set to cut interest rates for the first time since 2023 and, like the last time, the decision will come just days before an important election.

China condemned the Central Intelligence Agency’s attempts to recruit its disenchanted citizens and warned of retaliation, days after the release of videos encouraging officials to spy for the US.

Russia and Ukraine continued air strikes against each other’s capitals overnight, including an attack that killed two people in Kyiv.

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Chart of the Day

Roman Catholic cardinals from across the globe begin their conclave today to choose a successor to Pope Francis, a decision that will determine doctrine and set the moral compass for the church’s 1.4 billion faithful. Traditionalists and more progressive Church leaders will deliberate the new pontiff’s stance on topics including divorce, LGBTQ+ issues and geopolitical matters. Once a plume of white smoke emerges from the Vatican roof, the announcement will be closely watched by governments and faithful alike given the Catholic Church’s considerable sway around the world.

And Finally

Trump’s recognition of Morocco’s rule of Western Sahara at the tail end of his first presidency helped spark a development blitz in the little-populated territory. With him back in power and France and Spain joining American support for Morocco’s sovereignty, planned investment in the Dakhla Atlantic Port — a $1.2 billion project that promises to connect a disputed corner of Africa with the rest of the world — now totals $10 billion.

Dakhla Atlantic Port promises to connect a disputed corner of Africa with the rest of the world. Photographer: Michael Gunn/Bloomberg

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