A historic day

The indictment might seem like a godsend to Trump [View in browser]( [Bloomberg]( Within the space of a few hours, Donald Trump underwent a transformation that left two contrasting images of the first former president in American history to face criminal prosecution. One was the suspect sitting in a New York courtroom, grim-faced and hunched over as 34 felony charges were brought against him. He got in just two words: not guilty. The other was on his private jet back home to Florida, over some fast food from McDonald’s, preparing a speech both to respond to the prosecutors and re-energize his bid to recapture the White House. Key Reading: - [Trump Pleads Not Guilty in NY Case Tying Hush Money to Election]( - [Read the New York Indictment Against Trump Filed by DA Bragg]( - [Trump Takes Courtroom Scowl to Campaign Stage to Reboot 2024 Bid]( - [What Trump’s Many Legal Perils Mean for His 2024 Bid]( - [Trump Loses Bid to Block Grand Jury Testimony by Ex-Advisers]( - Help us make this newsletter better by [filling out this survey](. An indictment would probably sink most politicians’ careers. For Trump, the media circus around his arraignment have given him what he craves most: attention. Until the news broke of the prosecution over his role in the payment of $130,000 to an adult-film actress, his 2024 presidential campaign had gained little traction. He remains deeply unpopular with most US voters, who will now be asked to put a criminally charged candidate in the highest office in the land. Bigger indictments could still come, especially over his attempt to overturn his 2020 defeat to Joe Biden and his role in the Jan. 6, 2021, Capitol insurrection. But for now, most Republicans, even fierce critic Mitt Romney, have backed his narrative that the case is politically motivated, silencing rivals to his party’s presidential nomination, especially his biggest threat: Florida Governor Ron DeSantis. Since news of the charges broke, Trump’s lead in polls of Republican primary voters has grown and his campaign says it has raised $10 million. Back in his Mar-a-Lago home, he delivered a familiar litany of grievances to a chanting crowd of supporters. So far, as major US cable networks chronicled his every move, the indictment must seem to Trump like a godsend. — [Flavia Krause-Jackson]( Trump arrives at criminal court in New York yesterday. Photographer: Alex Kent/Bloomberg Click [here]( to listen to our Twitter Space at 8am ET (2pm CET) today for our discussion on Saudi Arabia’s oil-production cuts and how they factor into Riyadh’s global ambitions. Coming Soon: Understand power in Washington through the lens of business, government and the economy. Sign up now for the new Bloomberg Washington Edition [newsletter]( delivered weekdays. And if you are enjoying this newsletter, sign up [here](. Global Headlines Charm offensive | Xi Jinping is pulling out all the stops for French President Emmanuel Macron as China’s leader tries to drive a [wedge]( between the European Union and the US over their approaches toward Beijing. Macron will have extensive time with Xi during his three-day visit to China that starts today, including a rare meeting outside the capital that’s normally reserved for close friends like Russia’s Vladimir Putin. - India is presenting itself as a reliable [alternative]( to Elon Musk’s SpaceX for satellite launches, taking advantage of geopolitical tensions involving China and Russia. Boom times | Germans have a deep suspicion of military force and weapons exports that’s rooted in their nation’s 20th century history of aggression. But as governments rearm in response to Russia’s invasion of Ukraine, Germany’s defense contractors are experiencing a [bonanza]( regardless of public sentiment. As [Alan Crawford]( reports from one of the country’s most militarized regions, not everyone is happy at the state-backed coming-out party for the arms industry. Almost seven years after Musk boasted Tesla could solve Australian power outages by building the world’s biggest battery, the project has become central to a shockingly rapid energy transition. By the middle of the next decade, most coal and gas plants will shut, leaving solar, wind and hydro as the major options in the country’s [post-coal future](. Violent upsurge | Israeli fighter jets [struck]( Hamas weapons manufacturing and storage sites in the Gaza Strip today after a barrage of rockets and mortars from the territory were fired at southern Israel. The rise in tensions comes as the Jewish Passover holiday is set to begin, overlapping with the Muslim holy month of Ramadan, and follows clashes overnight between Israeli police and Palestinians inside Jerusalem’s Al-Aqsa Mosque. - Iran [shot down]( a “suspicious” drone near a military site in the central province of Isfahan, state TV reported. Best of Bloomberg Opinion - [Trump Isn’t Republicans’ Only Headache: Jonathan Bernstein]( - [The Verdict on Authoritarianism vs. Democracy: Andreas Kluth]( - [China’s Walking a Tightrope With US. It Needs a Net: Minxin Pei]( Chip war | Japan’s decision to join the US and the Netherlands in restricting exports of chip-making gear to China provides powerful [new weapons]( to deploy in the escalating technology war. While not as high-profile as their American and Dutch counterparts, Japanese companies control key steps in the semiconductor supply chain that could be used as potential chokepoints against Beijing. Explainers You Can Use - [Companies Facing Carbon Offset Backlash Are Funding Own Projects]( - [R]([oberts Rankled Colleagues as High Court Hold Slipped, Book Says]( - [Israel’s Court Plan Is in Trouble as Pressure Rises on Netanyahu]( Widening probe | Chinese authorities have started probing the former chairman and party chief of state-owned China Everbright Group, the latest sign that Beijing’s [crackdown on corruption]( in the financial sector is gaining speed. The decision came after the nation’s anti-graft body said last week it will start a fresh round of checks at more than 30 state-owned companies. Watch Bloomberg TV’s Balance of Power at 5pm to 6pm ET weekdays with Washington correspondents [Annmarie Hordern]( and [Joe Mathieu](. You can watch and listen on Bloomberg channels and online [here](. News to Note - US Secretary of State Antony Blinken and Defense Secretary Lloyd Austin will meet their Philippine counterparts next week, as [Manila vowed]( to pursue efforts with Washington toward “collective defense” of the region around the disputed South China Sea. - While Finland has joined NATO, it’s [unlikely]( for now that the alliance will replicate defense structures on the rest of the eastern flank by stationing battle groups there, sources say. - Peru’s congress [voted to reject]( an impeachment motion against President Dina Boluarte, offering her breathing room after almost four months in office marked by anti-government unrest. - A Chinese surveillance [ship]( that can track rocket and spacecraft launches was docked at the port of Durban yesterday less than two months after South Africa drew the ire of Western nations by holding naval exercises with China and Russia. - Finland’s outgoing Prime Minister Sanna Marin will [step down]( as the leader of her Social Democratic Party and abandon other leadership roles following the loss in parliamentary elections last weekend. And finally ... Northern Ireland and its Good Friday Agreement are often held up globally as a [model]( for peace and reconciliation efforts. Yet 25 years after the treaty was signed, the settlement between largely Protestant unionists loyal to London and the mostly Catholic nationalists who identify as Irish has begun to look in need of a revamp, [Morwenna Coniam]( and [Ellen Milligan]( report. As US, British and Irish leaders prepare to mark the anniversary this month, the agreement is not in doubt, but it could use an update to take account of new political, economic and social realities. Stickers on traffic signs and lamp posts at the Free Derry Wall. Photographer: Stephen Wilson/Bloomberg Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Want to sponsor this newsletter? [Get in touch here](. 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