Flagship

Trump labels Europe ‘mini China’

US presidential hopeful Donald Trump labeled the European Union a “mini China” when it came to trade, largely cementing trans-Atlantic fears of what a second Trump term would mean for the bloc’s ties to Washington. The Republican — who is running neck-and-neck against Vice President Kamala Harris in the race to the White House — took a hard line against Europe in his first term, imposing steel and aluminum tariffs and threatening duties on car imports, leaving the bloc’s leaders largely on the back foot. This time, they are bracing themselves for a fight, drafting options to retaliate were Trump to win and target them: “We will hit back fast and we will hit back hard,” one senior European diplomat told Politico.

AI deepfakes are a security concern

Artificial intelligence deepfakes should be a key concern for global intelligence agencies, an online security leader said. Kevin Guo, CEO of Hive, told Semafor’s World Economy Summit that AI-powered disinformation was a “global issue that transcends language and culture”: He pointed to one fake image of an explosion at the Pentagon in 2023 that caused a stock market fall. Our inability to trust the “authenticity” of online content will only grow as AI becomes more powerful and eventually gains “the full range of human creativity,” he said, adding that while legislation limiting AI content in the UK and Europe was positive, the US lagged behind.

China payments system secures win

HSBC joined China’s global interbank payment system, a significant win in Beijing’s efforts to grow use of its renminbi currency. China has sought to build its CIPS payment system as an alternative to the dominant SWIFT architecture, and while banks are able to use both, HSBC’s decision will make it easier for its clients to use the yuan to trade and invest. Efforts to erode the dominance of the dollar in global trade was a central issue at the recently concluded BRICS summit of mostly developing economies, and analysts say China has also sought to promote CIPS in recent years to gird its financial system against Western sanctions of the type imposed on Moscow following its 2022 invasion of Ukraine.

Brazil eyes closer China ties

Brazil’s agriculture minister said the country should join China’s Belt and Road Initiative, raising fears in Washington that Brasília may fall further into Beijing’s sphere of influence. Brazilian officials see joining China’s global trade and infrastructure program as a way to de-risk from both the US — which could impose tariffs on the country should Donald Trump win the presidency — and Europe, which Latin America has unsuccessfully courted for a free trade agreement. US officials have warned that some Belt and Road infrastructure could be leveraged for military purposes by Beijing: Speaking at a conference in São Paulo, US Trade Representative Katherine Tai warned Brazil to “really think about what the best pathway is.”

Tanzania’s rail ambitions

A new Tanzanian railway could supercharge economic development in East Africa. Authorities in the country hope the electric-powered train — which connects the country’s capital Dodoma with the port city of Dar es Salaam — will kickstart other rail projects in neighboring countries, turning Tanzania’s line into the gateway to the Indian Ocean. The US and China are vying for influence over the continent’s rail industry, with both deploying hundreds of millions of dollars in financing for train lines, the International Railway Journal reported. Experts believe at the heart of the tussle lies a battle for resources, including for metals and minerals essential for the green transition. African leaders fear getting “trapped in a new cold war.”

Growing a megadeal

One of the world’s biggest renewables investors wants to expand an already huge deal to build clean power for Big Tech, a top executive told Semafor. The remarks by Brookfield Asset Management’s chief investment officer for renewables point to rapidly growing demand from companies such as Microsoft and Amazon for electricity to power their data centers. It reflects long-running trends in the energy transition. For one, whereas publicly owned fossil fuel companies dominated the energy system of the 20th century, privately held financial firms are playing bigger roles in that of the 21st and are strategically embracing a new identity as clean energy “supermajors.” And companies are scaling up to deliver globe-spanning green deals.

Russia advances in Ukraine

Ukraine’s forces suffered their worst week of the year as Russia made key gains on multiple fronts. Russian troops breached defenses near one city and encircled another, and Kyiv’s forces were forced to withdraw at several points, Meduza reported. Ukraine’s largest coal mine, central to the country’s steel production, is among the threatened assets, with invading troops less than 10 miles away: If the mine were to fall, it would force Ukraine to rely on coal imports and hugely increase the cost of steel, possibly leading to an 80% drop in production. Steel accounted for a third of the country’s exports before Russia’s full-scale invasion, The Economist reported.

Why are so many Democrats eager to appear on Fox? With recent appearances from Kamala Harris, Donald Trump, JD Vance, and Tim Walz, it looks like Fox is dominating this election. Ben and Nayeema investigate the channel’s durability despite massive lawsuits, MeToo scandals, and star exits from Tucker Carlson, Bill O’Reilly, and Megyn Kelly. To go inside the machine, they talk to former O’Reilly Factor and The Five producer Nate Fredman (who spent nearly 20 years at the network) about what makes Fox tick — and stick.

Beijing offers Taliban trade deal

China will offer a trade deal to the Taliban, part of a growing global acceptance that Afghanistan’s hardline religious regime is here to stay. No nation has formally recognized the Taliban since it retook power in 2021 and severely curtailed women’s rights, but Beijing is among several that have pursued ties in order to gain access to the country’s rich mineral resources. Dozens of countries have accepted Taliban diplomats or sent officials to Kabul, and there has been “a subtle but significant shift,” The New York Times reported. China and the United Arab Emirates both accepted a Taliban “ambassador” this year and Russia announced that it was considering removing the group from its list of terror organizations.

An end to Maximum Canada

Canada will cut immigration levels after years of welcoming newcomers. Canada’s population has grown more than 10% during Prime Minister Justin Trudeau’s tenure. But opinion polls show waning enthusiasm, with Canadians concerned that the policy is piling pressure on housing and health care. Trudeau is also facing wider unpopularity, with his Liberal Party trailing the opposition by double digits: Some of his party colleagues this week urged him to step aside. Trudeau’s struggles offer lessons for center-left politicians globally, The Economist said: “Unless leaders come up with practical answers to the problems that the electorate cares about… government by virtue ultimately alienates many more people than it inspires.”

Less sex on TV please, say teens

Young people in the US say they want less sex on TV and in movies. A survey found that 63% of people aged 13 to 24 would prefer more content about friendship, up from 51% the previous year. Opinions differ over whether this is generational prudishness or a reflection of the reality that, unlike earlier generations, young people don’t rely on Hollywood to see naked people. Lots of modern TV series and movies do contain a lot of sex and young people apparently watch them, but one researcher told The New York Times that storytellers “use their own memories of their teenage years” when choosing topics, and “that does not remotely represent what young people really want.”

• US Secretary of State Antony Blinken meets with Lebanese Prime Minister Najib Mikati in London.
• Israeli and US spy chiefs travel to Doha on Sunday to revive negotiations over a Gaza hostage release deal.
• Before, a new psychological thriller, premieres on Apple TV+.

The number of African cheetahs India aims to introduce into the country each year. Asiatic cheetahs were once common in India, but widespread forest clearing in the north of the country led to their disappearance 70 years ago. Now the years-long project to reintroduce them may finally materialize: Kenyan officials are in Delhi to finalize a deal on Project Cheetah, under which — subject to availability — eight to 14 cats would be transported to the state of Madhya Pradesh each year, The Indian Express reported.

Factorio. The video game — first released publicly in 2020 — involves building a rocket to escape from an alien planet you have crash-landed on, in effect requiring players to recreate the Industrial Revolution. Factorio unveiled its first expansion pack last week and has become a cult classic in Silicon Valley, leaving some to dub it Cracktorio, the Financial Times reported. Order it on the gaming platform Steam.