Pressure's on

Follow Us Get the newsletter With less than four months to go before he faces the judgment of U.S. voters, President Donald Trump has admitted — in actions rather than words — that things might not be going so great. His demotion of Brad Parscale, who'd led Trump's re-election bid since 2018, was widely expected after the rally in Tulsa, Oklahoma, that was supposed to reinvigorate the Republican's campaign but flopped instead. There also has been a steady drop in polls, tied to the growing perception that the president has mishandled the U.S. response to the coronavirus. Switching managers is a Trump trademark. Aside from his almost-constant shuffling of his Cabinet, he also shook up his campaign leadership multiple times in his first run for the White House. Citing "really good poll numbers," Trump is showing no outward signs of worry ahead of Election Day on Nov. 3. But the pressure is building. Several polls yesterday showed Trump lagging behind Democratic rival Joe Biden by double digits, with one indicating that in stewardship of the economy — the one area where he had previously led his opponent — the president was now trailing as well. The question now is whether the man who won the public over with the catchphrase "You're Fired!" can avoid that verdict from voters in November. — Michael Winfrey Parscale tosses a hat to the crowd ahead of a rally on April 27, 2019. Photographer: Lauren Justice /Bloomberg Tell us how we're doing or what we're missing at balancepower@bloomberg.net. Global Headlines New approach | The imposition of a national security law on Hong Kong despite global outrage is just the latest example of how western policies have largely failed to shape, slow or stop China. Iain Marlow, Nick Wadhams and John Follain explain how, as the U.S. prioritizes "America First" and the values-based multilateral architecture weakens, countries are realizing they need to rethink how to deal with a power that is no longer simply "rising." China's economy returned to growth in the second quarter, an important milestone in the global struggle to climb out of the slump brought about by the coronavirus. Trump has ruled out additional sanctions on top Chinese officials for now, sources say. Nuclear fallout | U.S. sanctions against Huawei pushed Prime Minister Boris Johnson to consider banning the company from the U.K.'s 5G networks, but it was a group closer to home that finally drove him to act: his own party. For the past six months, rank-and-file Conservatives have been plotting to block Huawei's involvement in 5G mobile systems. Now they have another target in their sights — China's involvement in British nuclear power. Secretary of State Michael Pompeo said the U.S. will impose visa restrictions on some Huawei employees over the Chinese Communist Party's human rights abuses, including against Muslims and other minorities Bad guy | With Brexit leaving a U.K.-sized gap in the role of European Union villain, Dutch Finance Minister Wopke Hoekstra is stepping up. He ignited furor in March when he asked why southern European countries hit hardest by coronavirus had failed to build financial cushions. As Diederik Baazil reports, Hoekstra says he meant to express solidarity, but his stance underscores the crucial role of the Dutch when EU leaders gather tomorrow to hash out an economic stimulus fund. Fed up | Rarely has dissatisfaction with Prime Minister Benjamin "Bibi" Netanyahu been so high in Israel, as a resurgent coronavirus outbreak, mounting unemployment and the corruption allegations against him build into a flood of discontent. Polls show his Likud party sinking, and now thousands regularly pack Tel Aviv's main square and unfurl flags from bridges spanning highways with a single message: We're fed up with you, Bibi. Protestors demonstrate at a rally near Netanyahu's residence in Jerusalem, on July 14. Photographer: Amir Levy/Getty Images Europe Political feuds | With the help of police robots and camera-carrying drones, Tunisia endured a punishing lockdown that corralled the coronavirus. Now it's succumbing to a more familiar malady: political infighting that has claimed the prime minister. The timing couldn't be worse — the country's beaches are all but empty of tourists, trade has slumped and talks with the International Monetary Fund for a new loan are only inching forward. What to Watch A growing proportion of coronavirus cases with no clear indication of how infection occurred is pushing governments to take broad and blunt action, returning entire cities to lockdown-like conditions. Tokyo reported a daily record of 286 coronavirus cases today, heightening concerns the latest infection is spreading in the broader community and set to spill beyond the Japanese capital. Philippine leader Rodrigo Duterte has put his public approval to the test after the closure in the middle of the pandemic of the nation's largest broadcaster, with polls showing three out of four oppose the move. Former Prime Minister Zoran Zaev's party scored a tight win in North Macedonia's general elections but fell short of a majority, setting the stage for a struggle to form a coalition government in the EU aspirant. And finally … Twitter accounts of top U.S. political and business leaders, from Barack Obama and Biden to Bill Gates, Jeff Bezos and Warren Buffett, were hacked yesterday in an apparent attempt to promote a Bitcoin scam. The hack, which sent out tweets promising to double the money of anyone sending funds via Bitcoin within 30 minutes, also hit Elon Musk, Kanye West, Uber, Apple and Michael Bloomberg, the founder and majority owner of Bloomberg News parent Bloomberg LP. Twitter said it's investigating the security breach. The address tweeted by the hackers received more than $110,000 in Bitcoins.     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