Six months in

[Bloomberg]( Follow Us [Get the newsletter]( Joe Biden marks half a year in office touting the momentum he says the U.S. economy has picked up under his watch. “We are six months into my administration, and the U.S. economy is experiencing the highest economic growth in nearly 40 years,” the president said yesterday in a tweet thread that coincided with the Dow Jones Industrial Average’s biggest daily decline since October. And even as coronavirus cases surge amid a stalled vaccination push, the White House has emphasized that — with 60% of U.S. [adults]( fully vaccinated — Americans are in a much better spot in the fight against Covid-19 than they were on Jan. 20 when Biden was sworn in. So look for the economy and progress in the battle against coronavirus to be major themes of a Cabinet meeting Biden holds today to mark the occasion. But the [challenges]( the president faces remain steep as his signature economic package runs up against some hard realities in Congress. [Frustrations]( are mounting on both sides of the Capitol over the Senate’s inability to get firm commitments from all Democrats to back a stalled $3.5 trillion budget blueprint, which pays for the bulk of Biden’s economic agenda. And a related bipartisan $579 billion infrastructure package faces a cliffhanger [vote]( tomorrow that risks upsetting the delicate balance that has allowed Democrats to bring some Republicans on board. For Biden, the trick is to draw attention to the gains made so far while not making light of the rough road ahead. — [Kathleen Hunter]( A sign at a restaurant in Los Angeles. Photographer: FREDERIC J. BROWN/AFP/Getty Images Click [here]( to follow Bloomberg Politics on Twitter and tell us how we’re doing or what we’re missing at balancepower@bloomberg.net. Global Headlines Fake news fight | Facebook’s [counterattack]( against Biden’s accusation that it’s “killing people” by spreading disinformation about vaccines underscores just how limited the government’s tools are to address online content. As [Anna Edgerton]( reports, the president’s broadside followed months of talks with the social-media giant that grew increasingly unproductive, and the company’s response indicates Facebook is already doing everything it’s willing to do. New outpost | Taiwan will set up its first office in Europe using the name “Taiwan,” a decision the U.S. [hailed]( as a way for the island democracy to strengthen its global presence in the face of pressure from China. Beijing criticized Lithuania’s move to host the office, saying it should follow the “One China” principle when it comes to Taiwan. - China’s Foreign Ministry also fired back at accusations linking it to the hack of Microsoft Exchange, calling it a [smear]( campaign by the U.S. that lacked evidence. Tech decline | When Tokyo hosted the Olympics in 1964, the unveiling of a bullet train capable of the improbable speed of 210 kilometres an hour (130 mph) heralded the dawn of a high-tech era in Japan. But, as Tokyo again prepares to host the Games, [Isabel Reynolds]( and [Pavel Alpeyev]( report that Japan’s [heyday]( of setting the pace is now far behind it, prompting the government to try and recapture some of that hi-tech verve. Best of Bloomberg Opinion - [Israel's New Covid Strategy Is Cruel to Be Kind: Zev Chafets]( - [Will Flood Politics Change Germany and the World?: Andreas Kluth]( - [Covid Is Salt in South Africa’s Wounds: Clara Ferreira Marques]( Confidence in China Evergrande Group is [plunging]( amid signs the world’s most indebted developer faces a cash crunch. While it has faced previous liquidity crises, some investors bet this time will be different as Beijing becomes more tolerant of defaults. The risk is that a major payment failure may ripple through China’s financial system, eroding confidence in other highly leveraged property companies, shadow lenders and even some banks. Cargo slowdown | Trucks are lining up for hours at the border between Saudi Arabia and the United Arab Emirates as some international manufacturers find their goods [snarled]( in a growing economic rivalry. New rules from Saudi Arabia, the UAE’s fifth-largest trading partner, exclude items made in free zones from preferential tariff arrangements. That’s hitting companies operating out of the UAE hard. Virus secrets | As public health experts warn India is ill-prepared for a possible third wave of Covid-19, a secretive institution is drawing criticism over its role as an adviser to Prime Minister Narendra Modi’s government. As [Muneeza Naqvi]( and [Chris Kay]( write, the ICMR has been accused of hamstringing doctors by withholding data about Covid and its variants, promoting a homegrown vaccine before it passed key tests and recommending controversial drugs to treat the virus. What to Watch - Peruvian rural union activist Pedro Castillo will take the reins of a deeply [divided]( country after being declared president-elect following weeks of vote recounts, lawsuits and fraud claims. - Singapore will [tighten]( curbs on dining-in and social gatherings again and halt indoor exercise amid a record daily Covid-19 caseload. - President Recep Tayyip Erdogan said Turkey is keen to take over security at [Kabul]( airport as long as it has the support of the U.S., which is in the process of withdrawing its troops from Afghanistan. - Iran’s Supreme National Security Council said a draft agreement with world powers over how to restore the 2015 nuclear deal is [incompatible]( with Iranian law. And finally ... Israel warned the makers of Cherry Garcia and Chunky Monkey would face “serious [repercussions](” for a decision to stop selling the ice cream in Jewish West Bank settlements and Jewish areas of east Jerusalem. Prime Minister Naftali Bennett told Unilever, the owner of Ben & Jerry’s, that his government would act aggressively after the company said it was “inconsistent with our values for Ben & Jerry’s ice cream to be sold in the Occupied Palestinian Territory.” Photographer: Kevin Dietsch/Getty Images North America  Like Balance of Power? [Get unlimited access to Bloomberg.com](, where you'll find trusted, data-based journalism in 120 countries around the world and expert analysis from exclusive daily newsletters. You received this message because you are subscribed to Bloomberg's Balance of Power newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022