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Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here.

At a time when Cyril Ramaphosa is striving to placate Donald Trump and hold together a shaky governing coalition, the South African president is also being haunted by ghosts of the past.

Families impacted by apartheid crimes are now holding him to account for the actions of his predecessors. They say, backed by a lawsuit, that three decades after the end of White rule, only a handful of security officers who murdered, tortured and abducted their victims have been prosecuted.

They also allege a secret deal between Ramaphosa’s African National Congress and former apartheid government officials to hide atrocities that may have been committed by members of the ANC.

While Ramaphosa was quick to highlight the need for mediation and closure, his proposal for a commission of inquiry fell short of demands for talks on compensation. A commission can give advice but has no enforcement powers.

The Foundation for Human Rights, which is backing the legal case, accused him yesterday of having caused the families “much anguish.”

Cyril Ramaphosa. Photographer: Emmanuel Croset/AFP/Getty Images

In comments provided today to Bloomberg, Ramaphosa said he “appreciates the anguish and frustration” the victims feel but maintained that the commission is the best way to address the matter.

The negative publicity comes at an awkward time. Since February, he has seen the US cut all of its aid to South Africa, threaten punitive tariffs on key exports and accuse his government of the genocide of White farmers and the seizure of their land.

Trump’s officials have boycotted Group of 20 events hosted by South Africa and the US president has suggested he won’t attend a November summit, casting a pall over the nation’s presidency of the group.

That’s on top of a lengthy spat over a national budget that’s frayed the coalition Ramaphosa leads and led to a humiliating withdrawal of a tax plan by his finance minister.

All in all, it’s been a miserable few months for the South African leader. The last thing he and his party need is a drawn-out legal battle which, in the court of public sympathy, he can only lose. Antony Sguazzin

WATCH: Yvonne Mhagno from Bloomberg Economics discusses how Trump’s tariffs could affect African economies.

Global Must Reads

Trump renewed his criticism of Federal Reserve Chairman Jerome Powell as he championed his economic policies during an event yesterday to mark his 100th day in office. In an interview with ABC News, Trump said China deserved the steep tariffs he imposed on their exports and predicted Beijing could find a way to reduce the fallout for American consumers. He also signed a pair of directives easing the impact of levies on the automotive industry.

President Vladimir Putin is insisting that Russia must take control of four regions of Ukraine it doesn’t fully occupy as part of any agreement to end his war, sources said. Kremlin forces meanwhile intensified attacks across Ukraine’s frontline and several cities as the success of Trump’s efforts to bring a rapid end to the war look increasingly doubtful.

The US is pushing to calm tensions between India and Pakistan as signs mount of an imminent clash after militants last week killed dozens of tourists on the Indian-controlled side of the disputed Himalayan region of Kashmir. Secretary of State Marco Rubio plans to speak with the foreign ministers of both countries in a bid to de-escalate the situation.

Indian soldiers during an operation in Srinagar last week. Photographer: Tauseef Mustafa/AFP/Getty Images

Canadian Prime Minister Mark Carney won Monday’s election by convincing enough voters he can manage a mercurial US president bent on waging a global trade war. Leaders around the world — desperate to defend their own economies — will be watching closely to see if he can pull it off.

During six decades of unbroken rule in Singapore, the People’s Action Party has shown that voters seek stability in times of crisis. While few doubt that the party’s winning streak will continue in Saturday’s election, Prime Minister Lawrence Wong and the PAP will be judged by their margin of victory.

Prime Minister Anthony Albanese could become the first Australian leader in more than two decades to win consecutive terms in office, with polls showing his center-left government is in the lead ahead of Saturday’s election. Find out what’s at stake here.

Anthony Albanese. Photographer: Asanka Ratnayake/Getty Images

Germany’s Social Democrats voted in favor of the coalition deal with Friedrich Merz’s conservatives, clearing the way for the center-right leader to be confirmed as chancellor next week.

Nigel Farage’s Reform UK Party is poised to emerge as the biggest winner in England’s local elections tomorrow, potentially triggering the end of Britain’s traditional Labour-Conservative duopoly.

Squabbles between Spain’s minority government and opposition parties are hampering efforts to find out what caused a massive blackout that left Spain, Portugal and parts of France in the dark on Monday.

Vietnam’s top leader said his nation is ready to stand shoulder-to-shoulder with the world’s great powers, as tens of thousands gathered to watch a military parade marking 50 years since the end of the war with the US-backed southern regime.

Executive orders. Trade wars. Elon Musk and DOGE. Trump’s second term has been nothing short of eventful. Bloomberg reporters recap the first 100 days in a Live Q&A on May 1 at 11 a.m. EDT. Tune in here.

Sign up for the Washington Edition newsletter for news from the US capital and watch Balance of Power at 1 and 5 p.m. ET weekdays on Bloomberg Television.

Chart of the Day

When the Covid-19 pandemic took hold in early 2020, the trains and buses that carried millions of Americans to work every day emptied out. A $70 billion lifeline from the federal government kept them going and five years on they are again packed with commuters. Yet no longer flush with emergency aid, the biggest systems are facing a combined $6 billion shortfall, according to a Bloomberg analysis. Many authorities are preparing to increase fares, cut service, or both — potentially feeding a spiral of declining use.

And Finally

A parcel of private land on a Norwegian Arctic archipelago has attracted a group of buyers willing to pay the $341 million asking price and help protect the area from environmental changes — as long as the government in Oslo doesn’t block the deal on national security grounds. Svalbard, roughly the size of Manhattan, is Norwegian territory but is governed by a 100-year-old treaty signed by some 45 countries, among them Russia, China and the US. Rivalries in the region have intensified due to climate change, with new shipping routes opening up as the ice melts.

Norway’s Arctic archipelago of Svalbard. Source: Knight Frank

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