Trump trumps Trump

Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here.There was a time when pundits wait [View in browser]( [Bloomberg]( Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up [here](. There was a time when pundits waited for the Donald Trump pivot, expecting he’d moderate as the primary narrowed, or in the election itself, or as president. Not anymore. Recent weeks have shown that Trump’s recipe for his third presidential bid is to add more Trump, repeatedly. He’s vilified undocumented migrants as “poisoning the blood” of the nation, he speaks fondly of autocrats, even quoting Vladimir Putin to criticize President Joe Biden, and he continues to campaign despite an array of legal challenges that could close in during an election year. This week’s [biggest development]( was a Colorado ruling that barred Trump from the ballot there over his role in fomenting a mob that stormed the Capitol building in 2021. As is so often the case, he is using it to his advantage: Republicans across the country are outraged at what they think is judicial interference; the Supreme Court that Trump shaped may toss the ruling out anyhow. The point remains: among Republicans, Donald Trump is on the march. His top rivals have not yet coalesced around a single alternative, leaving him as the clear frontrunner. If Biden’s campaign seems sanguine about his chances of reelection at age 81, it’s because they’re relentlessly amplifying Trump’s comments to sound the alarm in the expectation voters will pay heed. As of now, the two are headed for a rematch, even if many wish they weren’t. The race is poised to be close. A Bloomberg News/Morning Consult poll across seven swing states showed Trump leading Biden by 5 percentage points. Other surveys have shown Biden with an edge. Biden won in 2020 with a coalition of voters that included people whose sole motivation was keeping Trump out. Biden’s team is banking on that dynamic once again. — [Josh Wingrove]( Trump during a campaign rally in Coralville, Iowa, on Dec. 13. Photographer: Christian Monterrosa/Bloomberg Global Must Reads Yemen’s Houthi rebels vowed to continue targeting ships in the Red Sea despite a US move to assemble an international naval task force to protect maritime trade in one of the world’s [most important waterways](. The Iran-backed group also warned Washington it’s willing to retaliate if the US attacks Houthi bases. Houthi fighters approach a vessel in the Red Sea on Nov. 20. Photographer: Getty Images President Javier Milei announced a slew of reforms to reduce the hand of the state in Argentina’s economy, from privatizing companies and ending price controls to steps to normalize the real-estate market. The measures, which will affect state-run airline Aerolineas Argentinas and the national oil company, are [still likely to face pushback]( in congress, where Milei’s party is in a minority. Venezuela freed 10 Americans and handed over Leonard Francis, an infamous defense contractor nicknamed “Fat Leonard,” to the US in exchange for a close ally and financier of President Nicolás Maduro, part of a [broader diplomatic detente.]( The financier, Alex Saab, was swapped for Americans including two former Green Berets jailed over a failed 2020 plot to overthrow Maduro, sources said. French President Emmanuel Macron defended his government’s decision to push through a tougher version of an immigration bill, arguing that it’s the only way to counter the rise of Marine Le Pen’s far-right movement. Lawmakers passed the stricter version of the bill on Tuesday, making France the latest European Union country to [shift to the right]( on migration. US Senator Bob Menendez asked a judge to delay his trial by two months so his lawyers can challenge the charge that he conspired to act as an agent of Egypt while serving as chairman of the Senate Foreign Relations Committee. Menendez and his wife, who have pleaded not guilty, are [accused of accepting bribes]( of 13 gold bars, half a million dollars and a new Mercedes-Benz. Elections in the Democratic Republic of Congo extended into a second day as opposition anger grew over delays and disorganization, with five presidential candidates [calling for a new vote](. An electoral official checks a voting machine that stopped working at a polling station in Kinshasa yesterday. Photographer: John Wessels/AFP/Getty Images Vietnam’s Communist Party called for disciplinary action against government officials, including a former deputy prime minister, after [finding lapses in governance]( as part of a crackdown that has ensnared both political leaders and captains of industry. As the conflict in Ukraine grinds on, domestic companies have pivoted to new markets and products, demonstrating the country’s resilience. Enterprises have adapted to a reality that politicians have been more reluctant to accept: the conflict isn’t going to end any time soon and Kyiv [needs a Plan B](. [Sign up for the Washington Edition newsletter]( for news from the US capital and watch Balance of Power at 5pm ET weekdays on Bloomberg Television. Chart of the Day The one-hour flight between Singapore and Kuala Lumpur in Malaysia was [the world’s busiest international route]( this year, underscoring the scale of Asia’s travel rebound after it initially trailed Europe and the US in opening up after the pandemic. There were huge increases in flights connecting South Korea with Japan and Thailand, according to data from OAG. And Finally As Indian Prime Minister Narendra Modi prepares to open a controversial Hindu temple where a centuries-old mosque once stood, Hindu groups have [won important court rulings]( in the past week on other disputed religious sites. That helps bolster Modi’s support just months before a national election, but also potentially stokes religious tensions. Construction of the Ram temple in Ayodhya in July. Photographer: Hindustan Times/Getty Images (Balance of Power will take a break after tomorrow and return on Jan. 8.) 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