The other threat

[Bloomberg]( Follow Us [Get the newsletter]( The attack on Kabul airport by suspected Islamic State militants is a [grim]( reminder that Afghanistan will remain a problem for the rest of the world even as the final evacuation planes lumber down the runway and foreign troops depart. It was the deadliest day for the U.S. military in many years, with 13 service personnel killed. Scores more Afghans lost their lives in the blasts and gunfire, with reports that Taliban were among them. President Joe Biden is [adamant]( the U.S. will wrap up evacuation flights and withdraw its troops by the Aug. 31 deadline. If anything, the attack makes it more of an imperative for him, politically. The majority of American voters want their soldiers home and the U.S. extricated from two decades of war. That’s even as condemnation grows among lawmakers for the chaos and violence of the past few weeks. The attack is also a reminder that the Taliban, for all of its swift victory and deep command structure, isn’t as in control as it would like. The presence of ISIS-K (the local [offshoot]( of Islamic State) fighters shows that, and Afghanistan more broadly is a complicated soup of warlords and militant factions. The prospect of civil war remains, and the Taliban may be tempted to take an even harder line to keep power. The [risk]( to the region and beyond is also real. The blasts highlight that China, Russia, Turkey, European nations, the U.S. and others are right to worry about “spillage,” where militancy spreads out of Afghanistan along with streams of refugees. Perversely, that means these countries will need to engage the Taliban even more to try and contain things inside Afghanistan. The unpalatable reality is that circumventing the Taliban is no longer an option. — [Rosalind Mathieson]( A wounded patient arrives at a hospital in Kabul. Photographer: Marcus Yam/Los Angeles Times Click [here]( for this week’s most compelling political images and tell us how we’re doing or what we’re missing at balancepower@bloomberg.net. Global Headlines Tax divide | Moderate and progressive Democrats are on a [collision]( course over how to pay for Biden’s economic agenda, potentially stalling or even sinking the legislation, [Laura Davison]( and [Jarrell Dillard]( report. As the party eyes next year’s U.S. midterm elections, moderates want a smaller package of tax increases and are hesitating on some of Biden’s plans. Progressives view a total rewrite of the tax code as a moral imperative. Curbing excess | China issued its most comprehensive [warning]( yet against the excessive-work culture pervading the country’s largest corporations. The Supreme People’s Court and Ministry of Human Resources and Social Security published a lengthy essay about labor violations and unreasonable overtime, labeled “996” for the common [practice]( of working 9 a.m. to 9 p.m., six days a week. - [Read how]( one of China’s most popular film stars, Zhao Wei, appears to be the latest target of an internet takedown. - China plans to propose rules to [stop]( companies from going public in the U.S. if they have large amounts of sensitive consumer data, Dow Jones reported. More than 30,000 Hong Kong residents sought special U.K. visas in the second quarter of this year, though the pace of applications slowed from an initial [rush]( to get on the pathway to citizenship. Residents are seeking to move out of the former British colony in the wake of indefinite pandemic restrictions on travel and a national security law that has curtailed protest and dissent. Staying home | New Zealand Prime Minister Jacinda Ardern [extended]( a national lockdown through Aug. 31 as a coronavirus outbreak continues to grow, but she said some restrictions outside the largest city Auckland will be eased next week. Meanwhile, Malaysia became Southeast Asia’s Covid-19 hotspot, reporting a record 24,599 new cases yesterday. That eclipsed Indonesia and Thailand, where infections have ebbed. Best of Bloomberg Opinion - [Stranded Afghans Need an Underground Railroad: James Stavridis]( - [Modi's Proposed Green New Deal Might Actually Work: Mihir Sharma]( - [The Communist Dotcom Bubble Is a Dead Giveaway: Matthew Brooker]( Party penalty | Argentine President Alberto Fernandez offered to [donate]( half of his next four paychecks to a health institute as a penalty for hosting a birthday party for first lady Fabiola Yanez at the height of a strict, stay-at-home quarantine. A photo and videos from the gathering have sparked public outcry weeks before a primary midterm election. Cash strapped | South Africa’s ruling party has been [forced]( to scale back campaigning ahead of municipal elections because it has run short of cash. As [S’thembile Cele]( reports, the African National Congress’s fund-raising efforts have been hampered by a new disclosure law aimed at curbing graft that has deterred companies from donating. Some of the ANC’s staff are on strike because they haven’t been paid for several months. What to Watch - Biden and Israeli Prime Minister Naftali Bennett will discuss Iran and a potential reset of ties between their countries today after they [postponed]( their originally scheduled meeting because of the Kabul airport attack. - U.S. Federal Reserve Chairman Jerome Powell will deliver a speech at Jackson Hole, Wyoming, today in which he’s expected to give a clear [outlook]( for winding down the unprecedented quantitative easing program put in place to help the economy deal with the pandemic. - Germany’s Sept. 26 election is fast approaching. Take a [look]( at some of the policies of the main parties, from taxes to housing and climate, to see what kind of coalition government might make most sense. - Michel Barnier, the European Union’s former Brexit negotiator, is running to be France’s Republican party candidate to challenge Emmanuel Macron in the April [presidential]( election. - A divided U.S. Supreme Court lifted the Biden administration’s [moratorium]( on evictions, ending protections for millions of people who have fallen behind on their rent during the Covid-19 pandemic. Pop quiz, readers (no cheating!). Which country did U.S. Vice President Kamala Harris delay a trip to this week because of concerns about “an anomalous health incident”? Send your answers to balancepower@bloomberg.net. And finally ... An Afghan Weibo blogger seeking to educate China about his country is under [attack]( from nationalist Chinese internet trolls as Beijing prepares to embrace the new Taliban regime. After facing threats of violence if he returns to study in China from Kabul, where he is now, Jalal Bazwan told Bloomberg what he thinks about Afghanistan’s future, including whether the Taliban have changed and whether the country will again become a haven for jihadists. His main message? “Afghanistan is a quagmire.” Jalal Bazwan.  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