| Worst case | The China-U.S. relationship has deteriorated to the breaking point just four months after Trump said ties were the best they've ever been. While the world's biggest economies still have plenty of incentive to avoid the worst-case scenarios as they seek to restore economic growth after the pandemic, tensions are only expected to heat up before the U.S. election in November. - Read more on how Trump's "America First" agenda has left a void in the Indo-Pacific region that forces Australia to take a stand, even at the risk of retaliation.
Boomeranging allegations | Trump has long complained that Barack Obama and factions in the Justice Department and U.S. intelligence misused power to undermine him. Now, as Chris Strohm reports, top administration officials have taken highly unusual steps that are prompting accusations they're using the same agencies to boost Trump ahead of the November election. Inside knowledge | Republican Senator Richard Burr is temporarily stepping down as chairman of the Intelligence Committee amid a federal probe into whether he sold stocks as a result of secret briefings. Burr was among senators who shed holdings around the time intelligence officials were delivering closed-door briefings about the emerging virus threat. He's denied any wrongdoing. Brexit stalemate | The U.K. and the European Union are stumbling toward the brink in talks about their future relationship following Britain's exit. With the latest round of negotiations due to end today, the U.K. is refusing to compromise in key areas such as the conditions the EU wants the country to accept in return for a trade deal, fisheries and the role of the bloc's courts. Politicians will meet in June to decide if it's worth carrying on. Loss of confidence | Following a failed coup led by an American, some opposition lawmakers in Venezuela are losing faith in both their Washington-backed opposition leader, Juan Guaido, and the Trump administration's approach to ousting President Nicolas Maduro. As Alex Vasquez explains, they believe the spread of the coronavirus demands more focus on social policy and less diplomatic grandstanding. What to Watch: -
Euro-area finance ministers are scheduled to sign off later today on emergency credit facilities for struggling nations and discuss the bloc's recovery fund. -
Trump will be presented with the Space Force flag at the White House today, his latest effort to herald the launch of the new branch of the U.S. military. -
Italy will allow citizens to move freely between its 20 regions starting June 3, according to a draft decree seen by Bloomberg. Pop quiz, readers (no cheating!). Which national leader said Italy needs help from the European Union to cope with its debt load. Send us your answers and tell us how we're doing or what we're missing at balancepower@bloomberg.net. And finally ... As airlines take off again, flying is likely to be more tedious than ever. Passengers can expect new temperature check points, long lines of distancing people, and plexiglass barriers isolating baggage clerks, baristas, and other staffers. Face masks and gloves will be de rigueur, disinfectants will be everywhere, and although processes will be automated to minimize human interaction, industry officials predict travel times will increase.  Travelers socially distance at London's Heathrow airport. Photographer: Justin Tallis/AFP via Getty Images | 
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