Populism’s enduring appeal

Nationalist populism hasn’t lost its electoral appeal. [View in browser]( [Bloomberg]( If you thought the electoral appeal of populism was on the wane, think again. Recep Tayyip Erdogan’s victory in yesterday’s presidential runoff in Turkey is the latest evidence of its staying power. He extended his 20-year rule despite a cost-of-living crisis, a slumping currency and public anger over the bungled relief effort following February’s massive earthquakes. The projection of a strongman image at home and abroad, broadcast by a compliant state media, mobilized his conservative base to secure a win pollsters thought unlikely just weeks ago. Key Reading: [Erdogan Seals Election Victory in Turkey to Defy Naysayers]( [Trump Tightens His Grip on GOP Even as Republican Field Widens]( [French Poll Finds Far-Right Le Pen Is More Popular Than Macron]( [Meloni and Trudeau Spar on LGBTQ Rights in Unusual G-7 Disunity]( [Modi’s Popularity Endures Despite Recent India State Poll Defeat]( In the US, Donald Trump remains the runaway favorite in the race for the Republican nomination in next year’s US presidential contest. That’s despite everything voters know about his character flaws and the chaotic experience of his term in office that ended with the Jan. 6, 2021, insurrection at the Capitol. The populist resurgence lifted Giorgia Meloni into power as Italy’s first woman prime minister, where she cast herself as “an underdog” who succeeded by beating the odds. The rightwing nationalist has 2.7 million followers on her Facebook page. Public anger at President Emmanuel Macron’s pension reforms in France is boosting support for Marine Le Pen ahead of 2027 elections in which he can’t run. Her party made record gains in last year’s parliamentary vote. Viktor Orban remains immovable in Hungary. Vladimir Putin is mired in his faltering war in Ukraine but likely to extend his presidency for another six years in 2024. Narendra Modi is eyeing a third consecutive term as India’s prime minister next year as he pursues his Hindu nationalist project. Voters’ anger at remote “elites” continues to provide fertile soil for populist leaders at elections often driven more by social-media outrage than sober policy prescriptions. That’s a challenge for any opponent seeking to win public support to confront difficult choices on the economy, security and climate change. Erdogan supporters celebrate in Istanbul yesterday. Photographer: Kerem Uzel/Bloomberg Check out the latest [Washington Edition newsletter](. You can [sign up]( now to get it in your inbox every weekday. And if you are enjoying this newsletter, sign up [here](. Global Headlines Now comes the hard part. While President Joe Biden and the speaker of the House, Kevin McCarthy, [express confidence]( that a deal to avoid a US default will secure Congressional approval by the June 5 deadline, it may be tricky. [Erik Wasson]( and [Billy House]( explain there is a lot in it for Democrats and Republicans [not to like](, from expanded work requirements for food stamps opposed by Democrats to higher spending levels than conservatives demanded. - Democratic Senator Joe Manchin slipped into the debt-limit deal a measure meant to accelerate a multi-billion-dollar [natural gas pipeline]( that’s been repeatedly stalled on environmental concerns, sources say. - A cap on government spending adds [a fresh headwind]( to a US economy already burdened by the highest interest rates in decades and reduced access to credit. A Russian bombardment hit an airbase in western Ukraine, damaging five aircraft and the runway in the [second massive rocket]( and drone attack in as many days. Ukraine was targeted with as many as 40 cruise missiles and around 35 drones overnight, Army Chief Valeriy Zaluzhnyi said on Telegram. Air defenses shot down 37 missiles and 30 drones, including one reconnaissance drone. - Follow our [recap of developments]( in the war. Japan and South Korea called on North Korea to call off a planned [rocket launch]( they see as breaching United Nations Security Council resolutions, following reports Pyongyang intends to put a satellite into orbit as early as Wednesday. Japanese Prime Minister Fumio Kishida said he instructed his cabinet to gather and analyze information on North Korea’s plans, while Seoul warned against a “provocation that threatens peace” in the region. Best of Bloomberg Opinion - [Climate Fight Calls for All Hands on Deck: Michael R. Bloomberg]( - [Banning Kids From Social Media Won’t Be Easy: Noah Feldman]( - [Billionaires’ Green Energy Dreams Are Fantasy: David Fickling]( Support for Kishida’s cabinet dropped in some media polls, with a [scandal]( involving his son adding to the problems starting to overshadow the kudos he gained for hosting the Group of Seven summit. The premier was last week forced to rebuke Shotaro Kishida, who acts as his secretary, after some photos showed him posing with relatives at a party at Kishida’s state residence on the stairs where cabinet members take their official photos. Explainers You Can Use - [Seize, Not Just Freeze, Russian Assets? Why It’s Hard: QuickTake]( - [Biden’s Green Subsidies Risk Speeding UK Car Industry's Decline]( - [How BRICS Became a Real Club and Why Others Want In]( Right-wing parties in Spain won a [strong platform]( for their bid to reclaim control of the national government, dealing a stinging defeat to Prime Minister Pedro Sánchez’s Socialist party in local elections. The result could pave the way for the conservative People’s Party to return to power in December, even though the economy under Sánchez has performed better than expected. Tune in to 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 - NATO-led peacekeepers beefed up their [presence]( in northern Kosovo, where police clashed again with Serb protesters days after an uptick in violence raised fears that a conflict could reignite between the Balkan neighbors. - Ugandan President Yoweri Museveni signed into law legislation with [harsher penalties]( for LGBTQ people, including death sentences and life imprisonment. - The US will hold [joint exercises]( with coast guards from Japan and the Philippines for the first time starting this week amid elevated tensions with China. - Somalia will institute a direct, one person, one-vote [election system]( starting next year, the national news agency reported. - Ghana’s program with the International Monetary Fund will help to [restore investor confidence]( in the economy after years of overspending, President Nana Akufo-Addo said in a televised broadcast. Thanks to the 46 people who answered our Friday quiz and congratulations to Joan Henehan, who was the first to name the UK as the country where a speeding ticket caused a temporary cabinet crisis last week? Send your answers to balancepower@bloomberg.net. And finally ... India’s corridors of power are [getting a makeover]( — part of Modi’s efforts to cement his legacy as he looks to a possible third term. The prime minister inaugurated a four-story modern building as the new parliament house yesterday, part of a sweeping revamp of the colonial-era center of the Indian capital. The $2.4 billion makeover has become one of the most controversial urban architectural projects since independence, amid criticism it erases some of New Delhi’s heritage. A view of the new Parliament House Building in New Delhi. Photographer: Raj K Raj/Hindustan Times/Getty Images Follow Us Like getting this newsletter? 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