Biden’s enemy is time

Time is running out for Joe Biden [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 US Independence Day holiday won’t offer much respite for Joe Biden, who is [furiously trying to stem the bleeding]( after a disastrous debate performance one week ago. Biden’s official schedule is empty ahead of a fireworks display on the White House South Lawn, but he’s expected to spend the day frantically shoring up support among increasingly skeptical Democratic lawmakers, voters and donors. It’s a daunting challenge for the 81-year-old president. Headed into today, Democrats on Capitol Hill were weighing [adding their names]( to a letter calling for Biden to drop out. Lloyd Doggett of Texas and Raul Grijalva of Arizona didn’t wait, imploring him to step aside. Fellow Democrats predicted publicly that if he remained in the race, he would lose to Donald Trump in November. Polls suggest the public is also souring on Biden and don’t believe he’s equipped to lead the free world. A New York Times/Siena College poll published yesterday showed Trump ahead by 49% to 43%, while a Wall Street Journal survey yielded an almost identical result. Attention is [focusing on Vice President Kamala Harris](, who is now outperforming her boss in a head-to-head matchup against Trump — and is the only candidate who could cleanly inherit his campaign operation and massive war chest. Biden looked to turn the page yesterday, calling campaign staff to insist he would not be forced from the race. He also met with Democratic governors — many with their own presidential ambitions — in a hastily arranged gathering at the White House. The governors [said they would support Biden](, who told them he was in the race to win it. The president plans tomorrow to sit for an interview with ABC News and hold a rally in Madison, Wisconsin. Time is running out for him to get his floundering reelection bid back on track. — [Justin Sink]( WATCH: Biden’s campaign denied a New York Times report suggesting the president conceded the possibility of dropping out to a key ally. Kriti Gupta reports. Global Must Reads Keir Starmer promised a “new chapter” as his Labour Party appeared set for a [resounding victory]( over Prime Minister Rishi Sunak’s Conservatives in today’s general election. Final polling before the vote pointed to [a seismic moment]( in which some of the biggest beasts in British politics could lose their seats — one survey even had Sunak becoming the first premier to suffer that fate. A final push by French parties intent on keeping Marine Le Pen’s far-right National Rally out of power [gained momentum]( ahead of Sunday’s legislative election runoffs, as key political figures warned voters their decision could dramatically alter the nation. Meanwhile, the government’s last bond sale before the ballot [went smoothly](, adding to signs the uncertainty that has roiled markets and triggered concerns over the nation’s finances is abating. President Xi Jinping lauded China’s ties with Russia and reaffirmed Beijing’s position on Ukraine despite growing frustration among Western governments over its perceived support for Moscow’s war efforts. Xi and his Russian counterpart Vladimir Putin said relations between their two countries are “at their best in history” as they met yesterday for the [second time]( in less than two months on the sidelines of a security summit in Kazakhstan. WATCH: Xi says China-Russia relations have ‘unique value’ The White House announced a $2.3 billion arms package for Ukraine that includes equipment from [Pentagon inventories]( and long-term contracts for air-defense weapons with US manufacturers. Ukrainian President Volodymyr Zelenskiy challenged Trump to “tell us” his plan to quickly end the war with Russia, warning in a [Bloomberg Television interview]( yesterday that any proposal must avoid violating the nation’s sovereignty. Israel’s military killed a senior Hezbollah commander in an airstrike in south Lebanon, while the Iran-backed militant group [retaliated with a rocket attack]( against an army position in the Israeli-occupied Golan Heights and hit another in the northern town of Kriyat Shmona with artillery fire. The conflict between Israel and Hezbollah has [raised fears of an all-out war]( that could draw in Tehran and other regional powers. China’s detention of a Taiwanese fishing boat this week may be [a way to pressure]( the democratically run island, its spy chief said. Democratic Republic of Congo completed an International Monetary Fund loan program for the first time in its history, [paving the way for the disbursement]( of $224.7 million to support the mineral-rich country’s foreign reserves. Ghana’s Supreme Court adjourned a hearing on draconian anti-LGBTQ legislation until July 17, as opponents of the bill [sought an injunction]( to stop it moving forward. Washington Dispatch In the aftermath of Biden’s debate debacle, one person has remained conspicuously absent from the scene: Trump. The former president and presumptive Republican nominee is heeding a key rule of politics that you never interrupt your enemy [when he’s making a mistake](. Trump has been rewarded by an opponent in freefall, with polls showing him widening his lead over the president both nationally and in swing states. Aside from a celebratory rally on June 28, Trump has largely gone silent — even canceling a planned television interview with a Virginia network, according to local outlet 13News Now. One person to watch today: Selected military personnel, veterans and their families will celebrate Independence Day at the White House. [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 Chinese electric-car brands [held on to their share]( of the slumping European EV market in May, ahead of [new tariffs]( designed to protect EU carmakers from lower-cost imports. Automakers like BYD made up 8.7% of total EV sales, roughly in line with a year ago, according to researcher Dataforce, as Chinese firms pressure European counterparts with new, inexpensive models. And Finally At a packhouse outside Hoedspruit, South African laborers [pluck unripe grapefruit]( off a conveyor belt, the best chance of getting them to export markets thousands of miles away before they spoil. The citrus farm near the eastern border with Mozambique is just one of many fruit producers threatened by the near collapse of the state freight and ports company. Instead of transporting grapefruit, lemons and oranges by rail, farms send them on lengthy truck trips before they spend days waiting in lines outside harbors. Boxes of grapefruit at a packhouse outside Hoedspruit in April. Photographer: Waldo Swiegers/Bloomberg More from Bloomberg - [Economics Daily]( for what the changing landscape means for policy makers, investors and you - [Green Daily]( for the latest in climate news, zero-emission tech and green finance - [Bloomberg Opinion]( for a roundup of our most vital opinions on business, politics, economics, tech and more - [Next Africa](, a twice-weekly newsletter on where the continent stands now — and where it’s headed - [India Edition](, an insider’s guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise - Explore more newsletters at [Bloomberg.com](. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Balance of Power newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](