Another cold war

US-China tensions define the current global standoff [View in browser]( [Bloomberg]( Commemorations were held this weekend to mark two defining moments of Germany’s post-World War II history. It was hard not to be struck by parallels with today. The first was the 75th anniversary of the Berlin airlift, when the Americans and British flew in supplies to break the Soviet blockade of the city in 1948-49. Today also marks 60 years since John F. Kennedy’s “Ich bin ein Berliner” speech at the height of the Cold War. Key Reading: [China Backs Russian ‘National Stability’ Move as Diplomats Meet]( [The Tussle With China for Global Influence Is About to Heat Up]( [EU Seeks Further US Remedies Over Green Stimulus Spat]( [Biden’s Made-in-America Push Sparks Global Subsidies Arms Race]( Members of the US Air Force band played period-era jazz on Saturday on the same Berlin square where the president delivered his remarks in front of 400,000 people in 1963. All these years later, the crowds were far more modest, but the global environment appears almost as febrile. Ukraine’s flag flew over the podium in solidarity with the country invaded by Russia under President Vladimir Putin. As the event took place, Wagner mercenaries advanced on Moscow in an aborted rebellion that cast doubt over Putin’s fate. While Russia’s aggression — and potential instability — have the most immediate bearing on Europe’s security, the main theater of geopolitical uncertainty has shifted. Tensions with China define the current global standoff. And if Berlin was ground zero of the last Cold War, today it is Taiwan. True, transatlantic relations have been strengthened by a shared commitment to help Ukraine defend itself. Yet they are strained by US President Joe Biden’s decision to take competition with China into the spheres of clean tech and semiconductors, even to the detriment of allies. All of which feeds the sense that we’re facing a new Cold War, whether it’s acknowledged as such or not, and with it, the threat of global conflict is once again upon us. — [Alan Crawford]( Kennedy speaks at the Schoeneberg city hall in Berlin on June 26, 1963. Source: DPA/Getty Images Check out the latest [Washington Edition newsletter](. You can [sign up]( to get it in your inbox every weekday. And if you are enjoying this newsletter, sign up [here](. Global Headlines Putin’s defense minister, Sergei Shoigu, was shown on state television today [visiting]( Russian troops fighting in Ukraine in an apparent effort by the Kremlin to bolster his position after Wagner chief Yevgeny Prigozhin mutinied to demand his removal. Putin hasn’t been seen since accusing Prigozhin’s forces of “[treason](” on Saturday, and the mercenary leader has also been silent since agreeing to a deal to halt his rebellion. - Follow our [Russia Latest]( for rolling coverage. - Read our [QuickTake]( on why Belarus is helping Russia in its war in Ukraine. After trouncing the opposition in Greece’s general election, Prime Minister Kyriakos Mitsotakis will focus on maintaining his [investor-friendly policies](. He’ll start another term today and will immediately appoint a new cabinet so he can travel to Brussels for a meeting of European Union leaders set for June 29-30. The consumer-driven recovery since China shed its Covid-19 controls is showing more signs of losing momentum [as spending slows]( on everything from holiday travel to cars and homes. Confidence is weak and evidence is mounting that the world’s second-biggest economy may need more stimulus. Prime Minister Benjamin Netanyahu reintroduced legislation yesterday to reduce the power of Israel’s courts. As Galit Altstein writes, he’s not seeking the kind of [major overhaul]( that triggered months of furious street protests in a previous attempt by his government, but the bill may be the first of a series and could once again spark unrest. Best of Bloomberg Opinion - [Putin’s Biggest Mistakes in the Wagner Uprising: Andreas Kluth]( - [Putin’s Struggles Are a Teachable Moment for China: Minxin Pei]( - [This Civilian Resistance Needs the West’s Help: Ruth Pollard]( Guatemala’s former first lady, Sandra Torres, [took an early lead]( in a vote count after a turbulent presidential election that saw poll workers doused with gasoline by an angry mob. So far none of the 22 candidates appear anywhere near the 50% needed to win in the first round, meaning the ballot will almost certainly head to an August runoff. A police officer fires tear gas to disperse protesters outside a polling station yesterday. Photographer: Johan Ordonez/AFP/Getty Images Explainers You Can Use - [What Is Russia’s Wagner Group and Why Was It Accused of Mutiny?]( - [Paris to Swap Car Lanes for Sidewalk on Polluted Thoroughfare]( - [Lebanon Bank Chaos Has Made Heroes of Robbers Stealing Own Money]( Pakistan’s race to restart a stalled International Monetary Fund loan program took a [positive turn]( as the country pledged to raise taxes and cut expenses to appease the lender less than a week before the facility ends. Restarting the loans would provide a moment of respite for a nation that’s been battling multiple crises and edging closer to economic collapse. Check out the latest Big Take podcast for a discussion about what the unprecedented threat to Putin’s authority means for his hold on power. Listen on [Apple]( and [Spotify](. News to Note - North Korea held one of its biggest [anti-US rallies]( in years, as more than 100,000 people carried banners that pledged to “pulverize the American empire” and denounced Washington as it seeks talks with Pyongyang. - Biden led Republican frontrunner Donald Trump in a hypothetical 2024 [election rematch]( in an NBC News poll, but his edge is within the survey’s margin of error. - Zimbabwean President Emmerson Mnangagwa launched his party’s election campaign as he seeks a [second term]( running a nation struggling with high inflation and a plunging currency. - New Zealand Prime Minister Chris Hipkins is on a six-day visit to China, his nation’s biggest export market, seeking to [drum up demand]( for a wider array of goods and services than the traditional fare of milk, logs and lamb. - Voters elected a member of the far-right Alternative for Germany as district administrator [for the first time](, handing the party a victory in an eastern stronghold as its national support surges. Thanks to the 40 people who answered our Friday quiz and congratulations to Enilda Abreu, who was the first to name Jair Bolsonaro of Brazil as the former president who went on trial last week accused of making false election claims. And finally ... Europe’s green revolution is meant to slow down climate change globally, but it’s also threatening the way of life of one of the continent’s last-remaining indigenous groups. As the debate over the conflicts between industrialization and the environment and modern and traditional ways of life heats up across the continent, the Sámi people in Sweden are [faced with mining]( for critical minerals and the development of wind farms that have potentially damaging consequences for the forests and land they have inhabited for thousands of years. Michael Eriksson’s reindeer spend the year migrating within forests in the region. Photographer: Kasia Strek/Panos Pictures for Bloomberg Green Follow Us Like getting this newsletter? 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