Weighing Trump’s role

Donald Trump has created a monster he can no longer control.His Make America Great Again movement inspired millions of red-capped acolytes w [View in browser]( [Bloomberg]( Follow Us [Get the newsletter]( Donald Trump has created a monster he can no longer control. His Make America Great Again movement inspired millions of red-capped acolytes who elevated the billionaire to the presidency in 2016. Such was his hold on them that when he refused to accept defeat at the hands of Joe Biden, a mob of his fans stormed the US Capitol. Key reading: - [‘He’s Not God’: Trump’s MAGA Creation Takes On Life of Its Own]( - [Thousands Attacked the Capitol. Who Has Answered for It?]( - [What the Jan. 6 Committee Has Done, and What’s Next]( - [Watergate Hearings Set High Bar as Jan. 6 Probe Goes Prime Time]( - [Jan. 6 Panel Promises Surprises in Nationally Televised Hearing]( Televised public hearings kick off today at a House committee to try and hold Trump to account for the Jan. 6, 2021 insurrection, one of the worst attacks on American democracy. Democrats see them as an opportunity to boost their chances of maintaining control of Congress in the November midterm elections. Trump and his Republican allies call the investigation a witch hunt. Yet two things are clear: A divided nation has little interest in processing the trauma of that day, and the cult of personality around the former president lives on. What’s different now is that MAGA has outgrown its maker. The current crop of primaries for the midterms shows it is Trump’s brash brand of politics and his “America First” ideas — anti-immigrant, anti-regulation, anti-establishment — that appeal to Republican voters more than the man himself. Trump was certain he could still direct his loyal following to support conservative candidates he anointed and who embraced his false claim that the 2020 election was stolen from him. Turns out even his supporters don’t believe in his infallibility. Kathleen Cerruti, a 55-year-old worker at a Christian ministry from Quakertown, Pennsylvania, says she adores Trump but doesn’t “blindly follow” him. After all, she said, “he’s not God.” — [Wendy Benjaminson]( & [Flavia Krause-Jackson]( Capitol police officers pointed guns at a door as a joint session of Congress was set to confirm the results of the 2020 presidential election. Photographer: Stefani Reynolds/Bloomberg Click [here]( to sign up for our Equality Newsletter running today and share this newsletter with others. They can sign up [here](. Global Headlines Possible reset | Biden once vowed to turn Saudi Arabia into a “pariah” over the murder of newspaper columnist Jamal Khashoggi, pledging to make the US less reliant on an oil market where the Saudis hold sway. But with Russia’s invasion of Ukraine triggering the biggest energy crisis in decades, the US president is now contemplating visiting the kingdom as his administration [recalibrates]( an alliance critical to the global economy. Asian push | US officials increasingly view China as losing diplomatic ground in Asia. As Pentagon chief Lloyd Austin heads to Singapore for a security forum, Washington sees an [opening]( to solidify relationships in the region because of President Xi Jinping’s insistence on Covid Zero policies that have crimped economic growth, as well as a growing backlash against China’s assertive foreign policy. China’s exports [grew]( at a faster pace in May than the previous month as Covid-19 disruptions to production and logistics eased. Still, exporters are reporting a drop in orders as consumers around the world start moving their spending to services instead of goods, and soaring inflation prompts households to tighten their belts. Virus fears | Shanghai will [lock down]( a district on Saturday for a mass Covid-19 testing drive, the first major movement restriction since the Chinese financial hub exited a bruising two-month shutdown at the start of June. While the plan is to seal the Minhang district of nearly 2.7 million people only for the morning, residents face the risk of being confined to their homes for two weeks if infections are discovered. Best of Bloomberg Opinion - [It Takes Sanctions and Stamina to Defeat Putin: Clara F. Marques]( - [Modi Has Good Reason Not to Alienate Middle East: Mihir Sharma]( - [A $450 Billion Opportunity to Ease Putin’s Grip: Lionel Laurent]( Atomic censure | The International Atomic Energy Agency rebuked Iran yesterday for failing to cooperate with nuclear investigators in a diplomatic move that could escalate the Persian Gulf nation’s conflict with Western powers. It’s the first [censure]( against Iran under the Biden administration and comes as prospects dim for a return to the 2015 agreement that reined in Tehran’s atomic work in exchange for sanctions relief. Explainers you can use - [How Putin’s Spooking Japan Further Away From Pacifism]( - [All About the Prince at the Center of US-Saudi Reset]( - [Fire at Key US Gas Export Terminal a Blow for Fuel-Starved World]( Uncertain environment | Investors who celebrated the emergence of a TikTok-savvy businessman in Colombia’s presidential runoff are starting to see [risks](, even if the Andean nation’s would-be next leader allows the oil-heavy economy to keep drilling. Bonds have slipped ahead of the June 19 election as money managers realize that scarce information about construction magnate Rodolfo Hernandez’s economic policies could prove just as risky as anti-oil leftist Gustavo Petro. Bloomberg TV and Radio air Balance of Power with [David Westin]( weekdays from 12 to 1 p.m. ET, with a second hour on Bloomberg Radio from 1 to 2 p.m. ET. You can watch and listen on Bloomberg channels and online [here]( or check out prior episodes and guest clips [here](. News to Note - Turkish President Recep Tayyip Erdogan [criticized]( what he described as an increasing US military presence in neighboring Greece and said Ankara doesn’t believe the buildup is just about countering Russia. - Prime Minister Boris Johnson will [promise]( to reform the UK housing market today as he attempts to heal his fractured Conservative party in his first big policy speech since narrowly winning a vote on his leadership. - The US House passed a package of gun legislation yesterday, a mostly symbolic action that ultimately will be set aside for whatever compromise plan [emerges]( from bipartisan negotiations in the Senate. - Outgoing Hong Kong Chief Executive Carrie Lam ruled out the possibility of [opening]( the border with mainland China in the foreseeable future, as Beijing doggedly pursues its Covid Zero pandemic strategy. - President Jair Bolsonaro will seek US support to finance programs to protect Brazil’s Amazon rainforest during a meeting with Biden today, searching for rare [agreement](between the two leaders. - China reassured Sri Lanka that it remains [committed]( to helping the country resolve its financial difficulties, after President Gotabaya Rajapaksa said that Beijing appeared to be shifting its strategic focus elsewhere. And finally ... US nationals weary of polarized politics and soaring living costs are taking up [residency]( overseas, a role reversal for what’s long been considered one of the world’s most powerful passports. As [Devon Pendleton]( and [Claire Ballentine]( write, citizenship-by-investment programs have historically been popular with wealthy individuals from places like South Africa or Russia who seek fewer visa restrictions or an escape hatch. But the political tensions and a strong dollar are making them attractive to more Americans. More Americans are relocating to places such as Lisbon, Portugal. Photographer: Jorge Castellanos/SOPA Images/LightRocket /Getty Images Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. You received this message because you are subscribed to Bloomberg's Balance of Power newsletter. 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