Opinion Today
Trump vows to stay neutral in Ukraine.
View in browser
Bloomberg

This is Bloomberg Opinion Today, a comprehensive picture of Bloomberg Opinion’s opinions. Sign up here.

Today’s Agenda

Ukraine Update

Well, folks, a mere 11 days after reportedly asking President Volodymyr Zelenskiy whether he could strike Moscow with weapons provided by the US — an act that Marc Champion says “nobody in their right mind would suggest” — President Donald Trump now claims he’s on “nobody’s side” and just wants the killing to stop.

Obviously, blowing up the capital city of an anxious nuclear superpower with long-range missiles would not help humanity, which is likely why the White House clarified Trump’s remarks, saying he was “just asking a question, not encouraging further killing.”

Yet plenty of Trump’s actions have done just that. “Since returning to office, Trump hasn’t just refused to authorize any new aid for Ukraine, he at times interfered with the shipment of arms – including for air defense – already authorized by his predecessor and en route to Kyiv. He also gave away key Ukrainian negotiating cards before talks with Russia even began, including acceptance that the country would never join NATO,” Marc writes. “These were at best acts of enormous naivete on Trump’s part, requiring him to believe that if he made unilateral concessions to a career KGB officer who has mired himself in Europe’s largest war since 1945, the favor would be returned.”

By now, though, the US president knows Putin isn’t big on favors. Andreas Kluth says Trump’s 50-day ceasefire deadline — which states the US will tariff any country (including China and India) buying Russian oil and gas by 100% — is evidence that Washington “finally appears ready again to up the pressure on Moscow.” In addition, Trump plans on sending lots more weapons to Ukraine — billed to Europe, of course. “For anybody who last paid attention in February, these gestures must seem like a volte-face. That was when Trump, sitting in the same chair but next to Ukrainian President Volodymyr Zelenskiy, excoriated his guest for having ‘no cards’ and blamed the victim, Kyiv, for the war instead of the aggressor, Moscow.”

Still, Andreas is pleased by Trump’s new outlook, calling it “great news, not only to the valiant Ukrainians but also to America’s European allies, who are nowadays more used to playing the role of adversaries in Trump’s trade wars.”

Speaking of those allies: Lionel Laurent says France’s Emmanuel Macron and the UK’s Keir Starmer are busy coordinating Europe’s two nuclear arsenals. “This is all helpful in preventing the complex global ‘balance of terror’ from being too lopsided, even if the reality is that London and Paris’s combined 500-plus warheads only account for a fraction of those owned by Russia and the US,” Lionel writes. “With both France and the UK also pledging to collaborate on conventional weapons, from missile production to artificial intelligence, it’s a signal that they intend to be heard by Donald Trump, who is pushing NATO allies to step up on security, and Vladimir Putin, who has been waiting for European resolve to crumble for years.”

That Funny Feeling

I can’t decide what’s more depressing: The fact that Patricia Lopez says the US just cut a program that helps low-income young Americans ages 16-24 get jobs? Or the fact that Noah Feldman says the Supreme Court’s conservative majority just gave President Trump the green light to shutter the Department of Education in an unsigned order with absolutely zero explanation?

The cherry on top of all this awfulness is that while the youngest Americans face shrinking educational and employment opportunities, Lisa Jarvis says their physical and mental health is deteriorating, too. “A new study in JAMA uses extensive data to paint a comprehensive picture of how America’s children are faring,” she writes. “Whether it’s death rates, chronic disease, mental health or any of the 170 measures captured in the study, the overall message is a crisis in children’s health.”

Lisa zooms in on one statistic to show just how bleak the situation is: “Children in the US were 80% more likely to die than those born in other similarly wealthy countries.” As Robert F. Kennedy Jr. goes after food dyes and pesticides, kids are dying from guns, car crashes, suicide and drugs — trends that won’t go away by merely weeding out ultra-processed foods:

You wouldn’t have known any of that by reading RFK Jr.’s recent MAHA report, though. Lisa says it “does not mention the words ‘gun’ or ‘firearm’ even once, nor does it address the socioeconomic disparities underpinning those deaths.” It also fails to acknowledge the damage that children will incur from Trump’s signature tax law, which slashes more than $1 trillion from Medicaid and cuts much-needed SNAP funding.

In chipping away at health care, education and employment, the Trump administration is putting future generations on far worse footing than those that came before them.

This newsletter is only a small sample of our global opinion coverage. For a limited time as an Opinion Today reader, you can get half off a full year’s subscription and unlock unlimited access to all of our columnists and exclusive newsletters. Don’t miss out.

Chaos in CDMX

Last week, I went on vacation to Mexico City. I just so happened to arrive on the heels of a major protest against gentrification and foreign visitors — AKA, my boyfriend and me – which Juan Pablo Spinetto wrote about today. Walking around the touristy neighborhoods Roma Norte and Condesa, we could see the remnants of vandalism — graffiti that said “gringo go home” and other xenophobic phrases I can’t repeat in this newsletter — yet all of the people we encountered welcomed us with open arms.

Heeding Howard Chua-Eoan’s advice from earlier this month — “do the research” on the places you visit and “don’t go flowing downstream with the perspiring masses of humanity” — I planned a number of excursions (shoutout to JP for sending me lots of recommendations). In addition to hitting the major museums, we took a tour around two food markets and met Wendy, a bubbly 18-year-old who hopes to study abroad to learn more English. We tried tamales with beans with cheese and grasshoppers. We ate our weight in huitlacoche, the fungus that grows on corn during the rainy season. All of these things — the flavors and smells, the friendly conversations — are what I will remember from this trip:

And yet JP says “the city’s food and hospitality industry has been put at the center of the dispute, perhaps due to its visibility compared with other possible ‘villains’ in this story such as real estate developers.” Of course, there is a discussion to be had about gentrification. Carla, who led our market tour, pointed out that the daily minimum wage in Mexico City is just shy of $280 pesos — around $14 USD — and discussed the impact that tourists have had in the city.

But turning the capital’s cuisine into the poster child for gentrification is unfair. “Mexico City emerged from the pandemic as one of the winners of the digital nomad boom. Its restaurants — from haute cuisine to street stands — are not only pillars of one of the world’s most exciting food scenes but a growing symbol of Mexico’s soft power; they helped draw more than 14 million visitors to the city in 2024,” JP writes. “Reversing that strategy would be bad business and a blow to the city’s prosperity.” Read the whole thing.

Telltale Charts

In the year 2065, Amazon — if it still exists — will celebrate its 50th Prime Day. By then, perhaps it will be rebranded to Prime Month because the summer shopping event keeps getting longer. This year’s four-day discount extravaganza wasn’t the total disaster that some had predicted, yet as Andrea Felsted says, “there were signs that neither Amazon— nor observers of consumer spending — should take too much comfort.” Shoppers focused on lower price points, with two-thirds of items purchased coming in under $20. “To some extent this is deliberate. Amazon has been using Prime Day to expand every day purchases. Once shoppers start buying essentials, they move on to other categories. But clicking on dish soap hardly screams consumer confidence,” she writes. “To help hold on to members — and convince more to sign up — Amazon needs to bring back the wow factor that Prime Day once had.” Let’s hope it doesn’t take 40 more years for them to figure out how.

Apparently it’s “Crypto Week” at the White House! I had no idea such a week existed, but Richard Abbey has a comprehensive rundown of the agenda. All eyes are on the Guiding and Establishing National Innovation for US Stablecoins Act — AKA, the GENIUS Act — one of many crypto-centric bills weaving its way through Congress.  Trump claims the legislation will make the US “the UNDISPUTED, NUMBER ONE LEADER in Digital Assets.” Regardless of whether that pans out, the strengthened political ties between crypto enthusiasts and the administration is a boon for Bitcoin’s price. Richard says the digital asset surged above $120,000 on Monday and Bitcoin spot ETFs rallied to an all-time high. Still, he says “Wall Street’s current excitement doesn’t look extreme compared to past years. Bitcoin’s start to 2025 is its second-worst since 2021, and is in any case no predictor of returns from here until year-end.”

Further Reading

Treasury Secretary Scott Bessent is playing with fire. — Bill Dudley

Trump may call Powell “Too Late,” but the data prove otherwise. — Jonathan Levin

Is the dollar’s era of exorbitant privilege ending? — Clive Crook

A new UK bank tax would generate more headlines than cash. — Paul J. Davies

European bond markets send a stark message: spend less and borrow shorter. — Marcus Ashworth

Nvidia’s Jensen Huang is right about the real AI race with China. — Catherine Thorbecke

ICYMI

France’s prime minister wants to axe two public holidays.

Don’t believe in miracles? Tell that to AMC Lincoln Square.

Firefighters battle wildfires in the Grand Canyon.

The US is about to incinerate 500 tons of food.

Kickers

First came the millennial pause. Then came the Gen Z stare. (h/t Victoria Benning)

A 12th-century nun is shaking up the music scene. (h/t Jhodie-Ann Williams)

Somebody stole unreleased Beyoncé music from her choreographer’s car.

The Sidley Biglaw Biter saga has made it to my TikTok feed.

Prime Video doesn’t want The Summer I Turned Pretty to get ugly.