Staying cool

President Xi wants to show his new persona as a global statesman. [View in browser]( [Bloomberg]( Whether intentional or not, the timing of Taiwan leader Tsai Ing-wen’s meeting with US House Speaker Kevin McCarthy couldn’t be more opportune for Xi Jinping. The Chinese president has been looking to prove to the world that he’s a credible broker for peace in Ukraine, a prospect dismissed out of hand by the US and some of its allies. An exception is French President Emmanuel Macron, who told Xi today “I know I can count on you to bring Russia back to reason and everybody to the negotiation table.” Key Reading: - [China Restraint on Taiwan Shows Xi Has Bigger Concerns Right Now]( - [Xi Launches Charm Offensive to Repair China’s Tattered Image]( - [McCarthy Assures Taiwan’s Tsai That Ties With US Are Strong]( - [Macron Urges Xi to Bring Putin ‘Back to Reason’ Over Ukraine]( - Help us make this newsletter better by [filling out this survey](. At the same time that Macron and European Commission President Ursula von der Leyen are in Beijing, top diplomats from Saudi Arabia and Iran met in China in the first substantive step to restore relations after a seven-year rivalry that’s fueled regional wars and roiled oil markets. All this has allowed Xi to promote his new persona as a global statesman by acting with restraint toward Taiwan after the Tsai-McCarthy meeting in California. So far, that appears to be the case: While China issued its usual statements declaring Taiwan a “red line” issue and sent an aircraft carrier near the island, the overall reaction was muted in comparison to the missiles and military drills conducted last year after Nancy Pelosi visited Taipei. Xi has other reasons for sitting tight. An overly aggressive response, particularly after Tsai convinced McCarthy not to visit Taiwan, would only help her pro-independence party ahead of an election in January 2024. It would also bolster US arguments that China isn’t a responsible global actor, and push countries in the region to boost defense ties with Washington. Even if Xi plans to take Taiwan by force over the long run, the next few days will show the extent to which he’s willing to bide his time. — [Daniel Ten Kate]( Xi and Macron in Beijing today. Photographer: Ludovic Marin/Getty Images Click [here]( to listen to our Twitter Space 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 Fighting graft | Ukraine’s [oligarchs]( have seen their assets and political power shrivel as President Volodymyr Zelenskiy directs the fight against Russia’s invasion. [Marc Champion]( and [Daryna Krasnolutska]( report that international funding for the reconstruction of cities and the economy when the war ends will hinge on progress in rooting out the corruption and post-Soviet kleptocracy that created the billionaire class. - Follow our rolling coverage of the war in Ukraine [here](. Donor raid | Donald Trump’s presidential campaign officials are trying to [woo donors]( who have backed his most dangerous potential rival for the Republican nomination: Florida Governor Ron DeSantis. They’re pitching the former president’s arraignment on 34 felony charges in New York as beneficial to his quest for the White House and presenting his rising poll numbers to show he’s a sure bet to become the party’s pick in 2024. - Robert F. Kennedy Jr., a scion of one of America’s foremost political dynasties and a prominent [anti-vaccine activist](, will challenge Joe Biden for the Democratic Party presidential nomination. So far this year, 425 [anti-LGBTQ bills]( have been introduced in US state legislatures — more than in the past five years combined — and over 20 of them have made it into law. The bills vary in scope, with 127 focusing on limiting health care for transgender people, while others aim to ban gender-affirming care for minors. At the same time, some lawmakers have moved to protect LGBTQ people: Utah codified a ban on the discredited practice known as conversion therapy for minors, joining 19 other states. Low road | The pro-independence Scottish National Party’s [troubles]( deepened yesterday with the arrest of former leader Nicola Sturgeon’s husband as part of a police probe into the SNP’s finances. As [Ellen Milligan]( and [Alastair Reed]( report, the whiff of scandal piles pressure on a party that looks exhausted after almost 16 years dominating Scottish politics, and potentially opens the door to electoral gains that could help Keir Starmer’s opposition Labour Party to power UK-wide. - Sturgeon [pulled out]( of her first public engagement since her husband’s arrest as police continued a search of the couple’s home in Glasgow. Best of Bloomberg Opinion - [India’s Leaders Don’t Seem to Believe in Indians: Mihir Sharma]( - [Ukraine Gave Us a Blueprint to Fight World Hunger: Amanda Little]( - [AI May Be Good for Humanity But Very Bad for Warfare: Hal Brands]( Chip shift | US officials have expressed growing concern about an over-reliance on overseas suppliers for the most advanced computer chips. [Now](, the latest US Census data shows Thailand, Vietnam, India and Cambodia have emerged as early winners from moves toward diversification, as semiconductor production begins to shift away from traditional centers such as Taiwan and China. Explainers You Can Use - [Understanding the Shadow War Between Israel and Iran]( - [How China Aims to Counter US Efforts at ‘Containment’]( - [Google, Amazon Struggle to Lay Off Workers in Europe]( Venezuela talks | Colombian President Gustavo Petro plans to host an international summit after the Easter holiday to [restart negotiations]( between neighboring Venezuela’s government and opposition parties to resolve the country’s political crisis before presidential elections next year. Both sides in Venezuela as well as Norway, which has mediated past talks, have given the green light to the idea, sources say. 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 - UK Prime Minister Rishi Sunak [suspended]( a Conservative MP after he was caught on video appearing to offer to lobby on gambling issues in exchange for money. - French unions are leading another round of [strikes and protests]( against Macron’s pension reform. - Former Peruvian President Alejandro Toledo must [surrender]( to US authorities for extradition to his home country to face corruption charges, a judge in California ruled. - Silvio Berlusconi, the four-time former Italian prime minister, has been [hospitalized]( in intensive care in Milan, sources say. The 86-year-old media tycoon is in stable condition, the Ansa news agency reported. - Hungarian Prime Minister Viktor Orban is seeking to extend [emergency rule]( by six months, citing the war in neighboring Ukraine. And finally ... For the world’s rich looking for places to stash their wealth, one segment of Dubai’s real estate market is increasingly attractive: apartments and townhouses with a brand name, like Four Seasons, Bulgari and Cavalli. This week, [a new record]( was set as a buyer agreed to pay $55.3 million for a five-bedroom, Baccarat-branded residence in a project that hasn’t even broken ground yet, the highest price per square foot paid for a pre-construction apartment. A rendering of the Bulgari Lighthouse in Dubai, a branded residence that is fetching record prices in the emirate. Source: Meraas 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](. You received this message because you are subscribed to Bloomberg's Bloomberg Politics newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. 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