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Trump looms over the UK’s bid to reset ties with Europe Welcome to Balance of Power, bringing y

Trump looms over the UK’s bid to reset ties with Europe [View in browser]( [Bloomberg]( Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up [here](. More than 40 European leaders meet at an historic country house in England’s leafy Oxfordshire today for what will be one of the continent’s most well-attended summits in years. The official agenda is new UK Prime Minister Keir Starmer’s plan to reset [his nation’s relationship with the European Union]( since Brexit. Behind closed doors the conversation will be dominated by a different question: What is Europe going to do about Donald Trump? Publicly, Starmer and the rest of the leaders at the European Political Community meeting are being careful not to overtly criticize Trump or his fellow populist running mate JD Vance — so far, at least. In private, they and their officials speak very differently. Almost all want a Democrat in the White House. They are deeply concerned by what another Trump presidency would mean, especially for US military support for Ukraine and the rest of the transatlantic NATO alliance. WATCH: Bloomberg’s Oliver Crook analyzes Starmer’s bid to reset relations with Europe. That’s not been helped by Trump picking Vance as his would-be vice president, an isolationist who has openly [questioned American backing for Ukraine](. He’s also made some inflammatory comments about Britain being an “Islamist” nation now the center-left Labour Party is in power, putting Starmer in a difficult spot. UK and European officials are disturbed by what a winning Trump-Vance ticket means for the next four years. In hushed tones in recent weeks, some have made known their hopes that the Democrats manage to convince President Joe Biden to stand aside as their candidate, seeing that as the only way of beating Trump. Europe knows it needs to increase defense spending to hold off Russia, regardless of any coming instability in relations with the US. In six months it may have to contend with Trump imposing a previously unthinkable outcome to the worst conflict in Europe since World War II. Preparing for that is now the continent’s main priority. — [Alex Wickham]( Trump and his running mate Vance. Photographer: Hannah Beier/Bloomberg Global Must Reads It’s going from bad to worse for Biden. First he was diagnosed with Covid-19, forcing him to [cancel an appearance]( before a key Latino advocacy group that he hoped would help counter the attention showered on the Republican National Convention. Then a flood of leaks [detailed senior leaders]( in the Democratic Party, including Senate Majority Leader Chuck Schumer, warning the president that he was unlikely to defeat Trump in November and was putting his congressional allies at great risk. Vance’s debut speech as the Republican vice presidential nominee was a fiery demonstration of the most powerful assets he offers Trump’s campaign: [a stridently populist economic message]( tailored for key swing states and a symbol of generational change. The senator pledged that he and Trump are done “catering to Wall Street” and will instead “commit to the working man.” WATCH: Vance assailed “Wall Street barons” for high housing costs in his speech accepting the Republican nomination for vice president. Russia’s foreign minister praised Trump and especially Vance for their vocal interest in [cutting a deal]( to end the war in Ukraine. Vance is “in favor of ending the assistance that’s being provided,” Sergei Lavrov told reporters at the United Nations in New York yesterday. “And we can only welcome that because that’s what we need.” President Xi Jinping said the country will push ahead in its [drive for “high-quality development,”]( giving his most authoritative signal yet for plans to propel China’s economy as it battles a slowdown and trade tensions with the US. The ruling Communist Party vowed to deepen supply-side reform to create new momentum for growth in a statement today marking the close of a twice-a-decade conclave that’s often heralded major policy shifts. Big oil discoveries off Namibia’s coast are causing a frenzy, from the bustle in Walvis Bay port to boardrooms in Texas and California as major companies seek a foothold in the [world’s newest crude hotspot](. The finds come alongside parallel developments in the [field of green hydrogen](, and are expected to transform the desert African nation’s economy, sparking a boom like that underway on the other side of the Atlantic in Guyana. Kenya’s police warned anti-government protesters to stay out of the capital, Nairobi, amid a [series of demonstrations]( since mid-June against tax increases and state corruption. Venezuelan officials arrested the head of security for Maria Corina Machado, the opposition leader, less than two weeks [before the presidential vote]( in which Nicolás Maduro is seeking a third term. Bangladesh student protest leaders pushed for a [full-day shutdown]( of transportation networks and businesses, piling pressure on Prime Minister Sheikh Hasina to abolish the government’s job-quota system following violent demonstrations this week. A disparate group including Australian mining lobbyists and environmentalists are banding together to back the government’s [renewable energy transition plan]( after opposition lawmakers called for it to be abandoned. Washington Dispatch Biden canceled an additional $1.2 billion in student debt for public servants in his latest effort to [provide loan relief]( and deliver on one of his signature initiatives in the midst of a reelection campaign. The assistance will affect 35,000 workers enrolled in the government’s loan-forgiveness program, including nurses, firefighters and teachers. The individuals received waivers or benefited from regulatory changes that gave them more credit toward the system’s decade-long payment requirement. Student-debt relief was one of the key promises of Biden’s 2020 presidential campaign and carries weight with groups that are critical to his electoral coalition, including Black voters and young people. The Supreme Court struck down his ambitious $400 billion plan for broad student debt relief, and since then Biden has struggled to overcome frustration over the administration’s progress. One thing to watch today: Initial jobless claims will be reported by the Department of Labor. [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 Growing optimism that Israel could reach a [cease-fire deal with Hamas]( is fueling a rebound in the country’s markets. The shekel has rallied more than 3.5% against the dollar in July, while Israeli stocks are outperforming the global benchmark for the first time since February. Local-currency bonds are vying with Colombia to hand investors the best returns in developing markets. And Finally Farmers in Pakistan are facing a dilemma as climate change shifts growing seasons and sparks drought: how to insure their crops against disasters without violating their religion’s ban on interest. It’s an increasingly familiar problem that’s sparking interest in takaful insurance, a financial product designed to adhere to Islamic principles in which buyers pay into a pool to offset each others’ losses and if there’s a surplus after service fees and other costs, are eligible to get some of their money back. The approach is one of several niche instruments that are gaining popularity as a hedge against [the impact of global warming](. A farmer shows flood-damaged cotton in Sindh province in August 2022. Photographer: Asim Hafeez/Bloomberg More from Bloomberg - Check out our [Bloomberg Investigates]( film series about untold stories and unraveled mysteries - [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](

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