Balance of Power

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Another Group of Seven summit, another hasty exit from Donald Trump.

Canadian Prime Minister Mark Carney can take some comfort that this departure was more courteous than before: The US president didn’t back out from the communique and lace into a verbal attack on his host like he did back in 2018 with Justin Trudeau.

But it was arguably more significant and damaging in the long run.

WATCH: Trump called for the evacuation of Iran’s capital, Tehran. Joumanna Bercetche reports on Bloomberg TV.

Trump said he had “big stuff” to return to in Washington. That would be the war between Israel and Iran that threatens to engulf the Middle East and which has had the US, until now, in wait-and-see mode.

Israel wants the US to help strike at Iranian nuclear sites buried deep underground. So far, the president has sent mixed signals about whether the world’s most powerful military will get involved.

Analysts say the US alone has the bunker-busting bombs necessary to deal the decisive blows, but any such action would fly against MAGA messaging of avoiding messy conflicts overseas.

That’s apart from the fact that US engagement would add a whole new dimension to the war — and past attempts at regional regime change have ended in bloody attrition.

The G-7 was once where the US would discuss such matters with like-minded allies. But there’s no papering over Trump’s contempt for the forum: in a parting shot, he rebuked “publicity-seeking” French President Emmanuel Macron for the temerity of saying he left the summit to seek an Israel-Iran ceasefire.

Western allies appear to have little insight into US plans. Instead, Vladimir Putin may be the only leader to have talked at length with Trump, after calling him on his birthday on Saturday. In Canada, Trump again bemoaned Russia’s banishment from the old G-8.

None of which bodes well for next week’s NATO gathering, another summit Trump may decide isn’t worth much of his time. — Flavia Krause-Jackson

Smoke rises from an Iranian state media building after an Israeli strike in Tehran yesterday. Photographer: Nikan/Middle East Images/AFP/Getty Images

Global Must Reads

UK Prime Minister Keir Starmer sealed an accord with Trump to implement trading terms disclosed last month to slash US tariffs on key British exports and raise UK quotas on some American agricultural products. The two leaders presented a document at the G-7 gathering detailing an agreement to move forward on measures easing trade in cars and agricultural and aerospace products — but falling short of an immediate cut to steel tariffs, a key UK request.

Japanese Prime Minister Shigeru Ishiba failed to emulate Starmer’s success and was unable to seal his own trade deal in bilateral talks with Trump, an outcome that leaves the Asian nation inching closer to a possible recession once the impact of US tariffs hits. Meanwhile, Carney said Canada and the US are aiming to strike a trade deal within a month, while Indian Prime Minister Narendra Modi missed his chance to lobby for an agreement due to Trump’s early departure.

Russian air strikes on Ukraine killed at least 14 people and injured 44 in Kyiv, the deadliest attack on civilian infrastructure since at least April, while another 13 people were hurt in Odesa. Trump indicated that he’s in no rush to impose tougher sanctions on the Kremlin, saying the measures would cost the US “a lot of money.”

The Marcos and Duterte families dominate politics in the Philippines and when the clans united for the 2022 election, with President Ferdinand Marcos Jr. governing alongside Sara Duterte as his deputy, it appeared to usher in a new era of consensual politics. The harmony didn’t endure for long and Duterte is facing impeachment proceedings over an alleged assassination plot against Marcos.

Cubans have long navigated perilous jungles or shark-infested waters to flee to the US, but as the Trump administration closes America’s doors, migrants are now heading to Curitiba in southern Brazil. There, Cuban-owned businesses have sprouted, hundreds of Cuban children have enrolled in the city’s schools, and the distinctive sound of Caribbean Spanish is heard everywhere from supermarkets to construction sites.

Curitiba has seen waves of foreigners arrive including Haitians, Venezuelans and now Cubans. Photographer: Roberto Dziura Jr/Getty Images

Trump directed federal officials to expand efforts to deport migrants in the largest US cities in the face of protests and court challenges, even as his government is looking to ease the impact of the crackdown on key sectors of the workforce.

President Luiz Inacio Lula da Silva’s drive to shore up Brazil’s budget is on the brink of another setback after Congress advanced a push to block tax increases on some financial transactions from taking effect.

Taiwan aims to start producing its own blood bags — a key item for saving lives on the battlefield — adding to signs President Lai Ching-te is stepping up preparations for a potential conflict with China.

Thailand banned its citizens from going to work in a casino city in Cambodia, the latest curb on border movements as tensions simmer between the two Southeast Asian neighbors.

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Chart of the Day

China is testing the limits of what consumer stimulus can accomplish by subsidizing purchases of select goods, fueling a shopping spree that boosted retail-sales growth to the strongest in more than a year but also threatens to overwhelm authorities even in the richest regions. The disruptions pose a challenge for the government in Beijing as it seeks a longer-term fix to a crisis of household confidence.

And Finally

Cocoa farmers in Ivory Coast, the world’s largest producer, have found it hard to cash in on soaring prices. A government regulator controls trade and the current price is about a third of that on the global market. That creates a powerful incentive to smuggle crops into neighboring countries that don’t have the same central-pricing mechanism. Such trafficking complicates traceability, a major problem for companies trying to address deforestation and child labor in their supply chains. For the Ivorian government, it crimps revenue, undermining its push to invest in the long-term future of the cocoa industry.

Cocoa prices have almost tripled since 2023. Photographer: Andrew Caballero-Reynolds/Bloomberg

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Global Must Reads

Chart of the Day

And Finally

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