War-crime charges

Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here.The tone of the expressions of ang [View in browser]( [Bloomberg]( Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up [here](. The tone of the expressions of anger suggested this was a moment both Benjamin Netanyahu and Joe Biden had been dreading: The chief prosecutor for the International Criminal Court announced yesterday he’s [seeking arrest warrants]( for the Israeli prime minister and Hamas leader Yahya Sinwar on war-crimes charges over the conflict in Gaza. Netanyahu said the prosecutor was “pouring gasoline on the fires of anti-Semitism,” while then US president called it “outrageous” and said the US would “always stand with Israel against threats to its security.” European leaders were split, with some welcoming the announcement and others criticizing it. Yet it seems highly unlikely that Netanyahu, who had [asked Biden for help]( in a conversation last month to make sure the warrants aren’t issued, will ever stand trial. If ICC judges do approve the warrants, the US president is concerned that it could damage Israel’s willingness to engage in cease-fire talks. WATCH: The announcement by ICC Chief Prosecutor Karim Khan. The charges against the pair are striking. Netanyahu stands accused of, among other things, starvation of civilians as a method of warfare and intentionally directing attacks against a civilian population. The Hamas leader is charged with extermination, murder, taking hostages, rape and torture. Given the ICC statutes, getting them into a courtroom appears next to impossible. The Hague-based body doesn’t permit trials in absentia and relies on its member states to make arrests. While Israel is not a party to the ICC treaty, the “State of Palestine” is, so in theory some future governing authority in the Gaza Strip, where Sinwar is thought to be in hiding, could turn him over. Netanyahu can take heart from [the ICC case against Vladimir Putin](. With China and Russia, as well as the US, among nations that are not treaty signatories, the court has failed to execute its warrant for the Russian leader for alleged war crimes in Ukraine.— [Cagan Koc]( Benjamin Netanyahu, left, and Yahya Sinwar. Photographer: Menahem Kahana/Mahmud Hams/AFP/Getty Images Global Must Reads Iran will hold a presidential vote on June 28, following the [death of Ebrahim Raisi]( in a helicopter crash over the weekend. The clerical establishment and Supreme Leader Ayatollah Ali Khamenei will probably want a person similar to the ultraconservative Raisi, and the Guardian Council, which supervises elections, has in the past made it difficult for reformists. In an about face, German officials are ready to support a US plan to [leverage future revenue]( generated from [frozen Russian assets](, mostly stranded in Europe, to back $50 billion in aid to Ukraine, sources say. Germany’s assent could bring Washington and its allies closer to securing a substantial new aid package for Kyiv and ensuring US engagement regardless of the outcome of November’s presidential election. Russia has stepped up attacks in the east of Ukraine, advancing toward the strategically important city of Chasiv Yar in the Donetsk area as Kyiv rushed troops to bolster defenses on the new northeastern front near Kharkiv. Ukraine’s forces [are dealing]( with a “challenging moment” and are engaged in a “hard fight,” US Defense Secretary Lloyd Austin told reporters yesterday after a virtual meeting with counterparts supporting Ukraine. Taiwanese opposition lawmakers are pushing a bill that would expand their powers at the expense of the new president, prompting demonstrations by his supporters outside the legislature. Members of the China-leaning Kuomintang today [launched the final steps]( toward passing a law that would require President Lai Ching-te to deliver an address to them every year, appear separately to answer questions and provide a range of documents; it would also allow officials to be jailed if they are found lying to the legislature. Democratic Progressive Party lawmakers protest today in Taipei. Photographer: Lam Yik Fei/Bloomberg Donald Trump raised more money last month than Biden for the first time in this election cycle, but the US president’s campaign still holds [a wide financial edge]( over his Republican rival. Meanwhile, analysts are detecting an unusual concern among some undecided voters: that if Trump returns to the White House, he’ll [refuse to step down]( when his term is up. A new South African opinion poll suggested former President Jacob Zuma’s new party is set to become the third largest after May 29 elections and the ruling African National Congress [will fall well short]( of reclaiming its national majority. UK voters regard the ruling Conservatives as almost as likely to raise taxes as the opposition Labour Party, [a poll found](, blunting a Tory attack line as Prime Minister Rishi Sunak attempts to reel in Labour’s lead before a general election expected this year. Newly elected Dominican Republic President Luis Abinader is expected to prioritize addressing the Caribbean nation’s low tax take, using his landslide victory and a strong economy to face down any social discontent and [push ahead with fiscal reform](. Washington Dispatch President Biden and Senate Democrats are making a public attempt to resuscitate a bipartisan immigration measure killed off more than three months ago by Trump and House Republicans. Biden yesterday called the two top Republicans on Capitol Hill, House Speaker Mike Johnson and Senate Minority Leader Mitch McConnell, [urging them]( to revive the compromise legislation. About the same time that the White House reported those conversations, Senate Majority Leader Chuck Schumer said he was putting the bill “back on the floor.” The measure stands almost no chance of passage. Yet with immigration and a crisis at the US-Mexico border still [a concern]( for voters, the Democrats have been keen to seize the initiative and make the case that Republicans bear responsibility for the lack of progress. One person to watch today: Treasury Secretary Janet Yellen [receives an honorary doctorate]( at the Frankfurt School of Finance before heading to Italy later in the week for a gathering of finance ministers and central-bank governors from the Group of Seven nations. [Sign up for the Washington Edition newsletter]( for more from the US capital and watch Balance of Power at 1 and 5 p.m. ET weekdays on Bloomberg Television. Chart of the Day Latin American nations are following the US and Europe by [imposing prohibitive tariffs]( on Chinese imports — a strain in what’s been an otherwise cozy relationship. Mexico, Chile and Brazil have hiked — and in some cases more than doubled — duties on steel products from China over the past several weeks and Colombia may be about to follow. It’s in response to a flood of Chinese imports that threatens to put Latin American steel producers out of business and risks a combined 1.4 million jobs. And Finally Insurance companies classify severe thunderstorms and their side effects — including hail — as “secondary perils.” Although they can turn deadly, thunderstorms are more localized than earthquakes or hurricanes, meaning their financial impact is usually more contained. But the damage done by thunderstorms in the US — and, more surprisingly, in Europe — has been [steadily ratcheting up]( in recent years. Hail is the biggest single component, accounting for 50% to 80% of total storm damage annually, according to Swiss Re. Hail covers a road near Susanville, California. Photographer: Josh Edelson/AFP/Getty Images More from Bloomberg - Check out our [Bloomberg Investigates]( film series about untold stories and unraveled mysteries - [Bloomberg Opinion]( for a roundup of our most vital opinions on business, politics, economics, tech and more - [Next Africa](, a twice-weekly newsletter on where the continent stands now — and where it’s headed - [Economics Daily]( for what the changing landscape means for policy makers, investors and you - [Green Daily]( for the latest in climate news, zero-emission tech and green finance - Explore more newsletters at [Bloomberg.com](. Follow Us Like getting this newsletter? 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