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This is supposed to be the week that Donald Trump finally loses patience with Vladimir Putin.
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This is supposed to be the week that Donald Trump finally loses patience with Vladimir Putin.

The Russian leader doesn’t seem too troubled.

The US president is threatening to impose secondary tariffs on countries that buy Russian exports unless Putin calls a halt to his invasion of Ukraine by Friday. China and India are two key targets as major importers of Russian oil.

Rescuers clear debris from a destroyed residential building following a Russian air attack in Kyiv on July 31. Photographer: Tetiana Dzhafarova/AFP/Getty Images

Yet both Beijing and New Delhi have signaled they’re not about to buckle to the demand to cut ties with Moscow. Markets seem skeptical, too.

Trump plans to send Steve Witkoff to Russia on Wednesday or Thursday, though it’s unclear if Putin will meet the US envoy for a fifth time this year. There seems little urgency — Trump announced the move last Thursday.

Meanwhile, Putin will host the first state visit by Malaysia’s king to Russia this week. He’s the latest in a string of leaders from Global South nations to visit Russia, demonstrating the failure of US and European efforts to isolate Putin. India’s Foreign Ministry described the partnership with Russia as “steady and time-tested.”

Trump brought forward his original 50-day deadline after saying he was “disappointed” at Putin’s intransigence on a truce. “Disappointments arise from excessive expectations,” Putin told reporters on Friday.

With Russia advancing slowly on the battlefield, Putin has no incentive to accept a ceasefire. It’s unclear what cards Trump has left to play in making good on his pledge to end the war he blames on his predecessor Joe Biden.

He largely outsourced US arms supplies to Ukraine by making European allies buy them. Now he’s about to deploy an economic weapon that even Trump has said he’s doubtful will “bother” Putin.

The risk for Ukraine and European allies is that Trump eventually walks away, declaring he’s done all he could.

That would allow Putin to turn Trump’s impatience to Russia’s benefit.  Anthony Halpin

WATCH: Vanda Insights founder Vandana Hari and Bloomberg’s Ruchi Bhatia discuss the latest as Trump threatens more action if India continues Russian oil purchases.

Global Must Reads

Trump plans to announce a new Federal Reserve governor and a jobs-data statistician in the coming days, appointments that may shape his economic agenda. The US president has faced criticism for relentless attacks on the Fed and for firing Bureau of Labor Statistics chief Erika McEntarfer after data showed weak jobs growth — moves seen as undermining institutions typically viewed as free from political influence.

Secretary General António Guterres is slashing more than $700 million in spending and laying out plans to overhaul the United Nations as its largest sponsor, the US, pulls back support. The plan calls for 20% cuts in expenditures and employment, which would bring its budget, now $3.7 billion, to the lowest since 2018. About 3,000 jobs would be lost.

A United Nations Security Council meeting on June 20. Photographer: Angela Weiss/AFP/Getty Images

Canada sees a chance of lowering some tariffs imposed by the US after failing to reach a deal by Aug. 1, the minister in charge of trade said yesterday. With US levies as high as 35% on some Canadian imports — although the USMC trade deal exempts many goods — Prime Minister Mark Carney and Trump are expected to talk in the coming days.

Cambodian and Thai officials began talks aimed at de-escalating border tensions, after Cambodia yesterday accused Thailand of plotting fresh attacks along frontier areas, a charge rebuffed by Bangkok. While a July 29 ceasefire halted clashes between the Southeast Asian neighbors which had left more than 40 dead, hundreds of thousands of people on both sides are still confined to evacuation camps over fears of fresh fighting.

President Luiz Inácio Lula da Silva gave a defiant speech to his Workers’ Party in Brasilia yesterday in which he said that Brazil is open to trade talks with the US but only if negotiations are on equal terms, reiterating that he won’t bow to political pressure from Trump. The US last week delayed the imposition of 50% tariffs over coup charges against former President Jair Bolsonaro, a Trump ally, but placed sanctions on the justice overseeing the case.

The UK plans to spend an extra £100 million ($133 million) to target people smuggling and implement a migrant-return deal with France, as the Labour government tries to crack down on record levels of irregular migration. 

South Korea’s $350 billion investment pledge as part of its US trade deal is largely structured as loan guarantees rather than direct capital injections, the presidential policy chief said, seeking to ease domestic concerns over the scale and risks of the agreement.

Tens of thousands of people participated in a rare march across Sydney’s Harbour Bridge yesterday in support of Gaza, calling on the Australian government to increase pressure on Israel to alleviate the humanitarian crisis.

People march across Sydney Harbour Bridge. Photographer: Izhar Khan/Getty Images AsiaPac

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Chart of the Day

US Trade Representative Jamieson Greer sounded a cautiously optimistic note on discussions with China on rare-earth flows following trade talks that further steadied ties between the world’s two largest economies. Key industrial components were a focus of negotiations in Stockholm last week that Beijing said led to an extension of their tariff truce, he said, adding that the US secured commitments about their supply.

And Finally

Britain’s economy is still suffering from long Covid. The unmatched spike in public debt, the 1.2 million extra people on sickness benefits, the record postwar tax burden, the bulging size of the state and — above all — weak economic growth are the lasting symptoms of decisions taken during the pandemic. But some of the harm was purely accidental.

Dissatisfaction with the NHS is worse than it’s been since the British Social Attitudes survey began in 1983. Photographer: Matt Dunham/AP

Thanks to the 28 people who answered Friday’s quiz and congratulations to Karol Bojnansky, who was the first to correctly name Australia as the country that backtracked on an earlier decision to exclude YouTube from its social-media ban for children under 16 years of age.

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