The Taliban remain

[Bloomberg]( Follow Us [Get the newsletter]( The Taliban are betting they can turn back time. September 11 is the 20th anniversary of the terrorist attacks on the U.S. that prompted its invasion of Afghanistan, which was hosting al-Qaeda leader Osama bin Laden. It is also the date this year that President Joe Biden plans to have [withdrawn]( the final American soldiers from the country. The hardline Islamic group is arguably more powerful in Afghanistan than at any time since it was ousted in 2001 given the territory it controls, and despite almost [$1 trillion]( in spending by the U.S. on the country. And it is showing every sign it is ready to re-assert control. While it struck an agreement during Donald Trump’s presidency to facilitate the withdrawal of U.S. troops, the Taliban has not severed ties with al-Qaeda and other Islamist militant groups and refuses to negotiate seriously with the Afghan government. It pulled [out]( of a U.S.-sponsored peace summit due to begin this month because Biden is allowing troops to remain [beyond]( the May 1 deadline negotiated with his predecessor. In Kabul, President Ashraf Ghani is looking increasingly isolated. The U.S. wants him to include the Taliban in a transitional government, a prospect that most ordinary Afghans oppose. They fear two decades of hard-fought progress for women — and the country at large — will be eroded. Violence has climbed since peace talks started in September, including targeted killings of journalists, civil society members and politicians, with data out [today]( showing a 29% rise in civilian casualties this year. The withdrawal is a gamble for the U.S. that Afghanistan won’t collapse in disarray, and an even bigger one for the nation’s people. With one of the youngest and fastest growing populations in the world, it is the citizens who’ve known nothing but war who’ll be left to pick up the pieces. — [Ruth Pollard]( Decommissioned tanks and armored vehicles sit outside an Afghan National Army base in Mazar-i-Sharif in October, 2015. Photographer: Victor J. Blue/Bloomberg Check out all our biggest stories on the Bloomberg Politics web page [here]( and tell us how we’re doing or what we’re missing at balancepower@bloomberg.net. Global Headlines Vaccine setback | The suspension in the [rollout]( of Johnson & Johnson’s Covid-19 vaccine to review rare cases of deadly brain clots came just as inoculations were accelerating in Europe and other regions. It not only delays the availability of shots in Africa and Asia but fuels European concerns about similar complications with the AstraZeneca shot. Treasuries challenge | The European Union is preparing to issue a raft of bonds under its pandemic recovery program, with almost [$1 trillion]( of debt to be offered over five years. A blueprint for the sales, announced today, lays the foundation to challenge U.S. Treasuries as a haven asset, while helping EU integration and bolstering the euro, [John Ainger]( and [Alberto Nardelli]( write. New world | The full implications of Beijing’s rapid-fire moves against Jack Ma’s internet empire won’t be apparent for weeks, but one lesson is clear: The glory days for China’s tech giants are over. As [this story]( explains, the unspoken message to Ma and his cohorts is the decade of unfettered expansion that created challengers to Facebook and Google is at an end. - China [criticized]( the U.S. for sending a group of ex-officials to Taiwan, saying it will only add to tensions. - At the same time, Beijing is taking more direct steps to [mend]( ties with U.S. investors, ramping up its communication with businesses. Climate costs | Russia is among the most [vulnerable]( nations to climate change even as the world’s fourth-largest emitter of greenhouse gases remains sanguine about the potential impact. Analysts and scientists say extreme temperatures, record wildfires and the thawing permafrost that covers much of the vast country may already be costing Russia billions every year, [Olga Tanas]( and [Dina Khrennikova]( report. - Climate envoy John Kerry arrives in Shanghai today for talks on carbon emissions, the [first]( visit to China by a senior Biden administration official. An industrial chimney emits vapor into the sky in February 2016 in Yakutsk, eastern Siberia, which has a reputation as the world’s coldest city. Photographer: Andrey Rudakov/Bloomberg Upped ante | Iran vowed for the first time to ramp up its uranium [enrichment]( closer to weapons grade in response to an attack on its Natanz atomic facility, sending a jolt through international talks planned in Vienna this week on the Islamic Republic’s nuclear program. Tehran, which blames Israel for the cyber-attack, said the purified materials would be used for medical purposes. What to Watch - Markus Soeder appears on German TV today in his bid to become the conservative bloc’s candidate to [succeed]( Angela Merkel, after criticizing rival Armin Laschet yesterday in a private debate with lawmakers. - Authorities in Ecuador [detained]( 14 current and former senior energy officials after allegations of bribery involving oil company Petroecuador emerged from a U.S. investigation. - Biden accepted an invitation from House Speaker Nancy Pelosi to deliver his [first]( address to a joint session of Congress on April 28, right before his 100th day in office. - A Burkina Faso military tribunal charged ex-president Blaise Compaore with the [murder]( of Thomas Sankara, the West African leader killed in a 1987 coup. - The U.S. and the EU are considering [sanctions]( against Somalia after President Mohamed Abdullahi signed into law a bill that extends his and lawmakers’ mandates by two years. And finally ... If you want to be among the early recipients of a Covid-19 vaccine in Venezuela, you will probably need a state loyalty card. Nicolas Maduro’s administration is [restricting]( shots to those holding the Carnet de la Patria, as it has previously for access to food programs, fuel subsidies and welfare payments. Critics say the practice will prevent many government opponents getting inoculated. A healthcare worker prepares a dose of the Russian Sputnik V Covid-19 vaccine at a clinic in Caracas, Venezuela, on April 9. Photographer: Manaure Quintero/Bloomberg   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