Musk embraces the right

Elon Musk's glitchy interview with Donald Trump [View in browser]( [Bloomberg]( Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up [here](. The latest episode of the evolving Donald Trump-Elon Musk political bromance didn’t get off to the best of starts. Their highly anticipated conversation on Musk’s X platform was [marred by technical glitches]( forcing a 40-minute delay that the on-off world’s richest man attributed to a cyber attack. But once underway, it was a cozy discussion, with the former US president using it to repeat his false claims that his 2020 election loss to Joe Biden was the result of rigging — Musk backed Biden in that vote — and that criminal cases against him were part of a Democratic Party conspiracy to thwart his campaign.  At one point Musk even pitched for a role in government, saying he would be ready to help ensure that taxpayer money is spent effectively, drawing praise from Trump for being “the greatest cutter” — a reference to his affinity for cutting jobs. WATCH: Musk pitched a role for himself should Trump win a second White House term. Lizzy Burden and Bill Faries report. There were bizarre moments, too. While denouncing his Democratic rival in the November election, Vice President Kamala Harris, Trump also called her beautiful and compared her to his wife Melania. For Trump, the Republican nominee, the online encounter was a chance to stem the momentum of the Harris campaign that has upended the race, erasing his poll lead and [drawing enthusiastic crowds]( to her rallies — so large that Trump claimed the images from one were produced by artificial intelligence. For Musk, it was just another day of disruption. It followed his bashing of Keir Starmer over the UK prime minister’s [handling of anti-immigrant riots]( and allegations by the British authorities that reposting of hate content on social media platforms like X had fueled the violence. It’s too soon to say whether the interview with Musk will help Trump reignite his drive for the White House. But it surely convinced any remaining doubters of the Tesla and SpaceX chief executive’s embrace of right-wing causes. — [Karl MaierÂ]( Protesters confront riot police in Southport, England, on July 30. Photographer: Getty Images Global Must Reads US officials say Iran may attack Israel as soon as this week in retaliation for the assassination of Hamas leader Ismail Haniyeh in Tehran — a killing that Israel hasn’t claimed responsibility for. As Washington and its allies seek to [head off all-out war]( the Pentagon has deployed more forces to the region. Ukraine now controls 1,000 square kilometers (386 sq. miles) of Russian territory in the Kursk border region where it’s continuing [offensive operations]( the top army commander told President Volodymyr Zelenskiy. Vladimir Putin demanded his military “drive out” the Ukrainian troops as officials told the Russian president 180,000 people [have fled]( their homes. Ukraine and Russia intend to [keep gas flowing]( through a key pipeline to Europe amid the fighting, sources say. WATCH: Bloomberg’s Anthony Halpin analyzes the latest developments in the Ukrainian incursion into Russia. China is freeing more fishermen who were detained while working on Taiwanese boats, a sign both sides can work through lesser disagreements despite fundamental differences in their relationship. The crew were held from early July, the first time China had stopped a Taiwanese vessel for fishing out of season in 17 years. It [stepped up pressure]( on Lai Ching-te, the recently inaugurated president whom Beijing distrusts because it sees him as pursuing independence. A Thai court will decide this week if the Southeast Asian nation will be tipped into [a renewed period of political uncertainty]( when it assesses whether Srettha Thavisin should remain as prime minister. The Constitutional Court will rule on a petition brought by a group of 40 senators over whether Srettha violated “ethical standards” by appointing to cabinet a former lawyer who was jailed for contempt of court following a bribery attempt. It’s still unclear if the Sudanese army will participate in planned talks this week to [end a civil war]( that the US estimates has killed 150,000 people and left millions facing starvation in the North African nation. While US Special Envoy to Sudan Tom Perriello maintained that Washington will push on with scheduled negotiations in Switzerland even if the military isn’t represented, reaching a cease-fire would be rendered virtually impossible in its absence. Indonesia has drastically scaled back its Aug. 17 Independence Day celebrations planned at its future capital, Nusantara, [because of challenges]( providing food and accommodation in the remote location. The US and Japan are interested in helping fund at least $15 billion worth of projects on the Philippines’ main island, in signs that [enhanced security ties]( are leading to greater economic benefits. President-elect Claudia Sheinbaum named an electrical engineer to head Mexico’s power utility and [fix the blackouts]( that are jeopardizing efforts to attract foreign investment. Washington Dispatch Tim Walz will make his first solo appearance as the Democratic vice presidential nominee with a speech today at the American Federation of State, County and Municipal Employees convention in Los Angeles. Walz, the governor of Minnesota chosen by Harris as her running mate last week, “has a strong record of standing up” for organized labor and has been a union member, according to the campaign. Unions have long been regarded as essential to Democratic victories as well as the campaigns themselves and get-out-the-vote efforts. But Trump has made appeals to blue-collar workers and Teamsters union leader Sean O’Brien spoke at last month’s Republican National Convention. That appearance did not go over well in some Teamster quarters. Harris and Walz have made the union vote a top priority. Last week, another prominent American labor leader, United Auto Workers President Shawn Fain, campaigned [with them]( in Michigan, a crucial battleground state. One thing to watch: The producer prices index for July is expected to show a similar reading to the previous month, or even come in slightly softer. [Sign up for the Washington Edition newsletter]( for more from the US capital and watch Balance of Power at 1 and 5 p.m. ET weekdays on Bloomberg Television. Chart of the Day For decades, Hong Kong generated massive income from auctioning off land to cash-rich developers as prices soared. That helped underpin its low-tax framework, which has been crucial to its business-hub status. A protracted property downturn is now [undermining the model]( — revenue from land in the 2023-2024 fiscal year was the lowest since the global financial crisis, and demand isn’t expected to return to levels seen during the real-estate sector’s heyday. That’s piling pressure on the government to find income from other sources. And Finally Roznov pod Radhostem was once known for its rum-drizzled sweet pies and an open-air museum of historical wooden houses. Then came [an announcement in June]( that US chipmaker ON Semiconductor had picked the Czech town for a new $2 billion manufacturing hub. The success of the project — the biggest investment by a foreign company in the eastern European nation for three decades — isn’t just important for the town and the stagnating Czech economy. It’s also crucial to the European Union’s ability to secure chip supplies amid a global battle for critical components. Jan Kučera, Roznov’s mayor, wants to build new houses and improve roads. 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