| Iran’s proxy militias are absent from the Israel-Iran war despite their commitment to bringing about the Jewish nation’s demise. Most notable is Lebanon’s Hezbollah, once seen as the greatest asset of Iran’s “axis of resistance” but now a mere bystander in the current conflict after Israel killed many of its leaders and destroyed much of its arsenal last year.  Demonstrators wave Hezbollah and Iranian flags during a rally in Tehran on Saturday. Photographer: Atta Kenare/AFP/Getty Images Group of Seven summits have traditionally served to bring nations together to coordinate a response to crises and conflicts, but the gatherings are becoming increasingly difficult to navigate since Trump ripped up the diplomacy rulebook. A dinner discussion at the summit in Canada on Monday did little to move Trump toward tougher sanctions on Russia, sources say, while leaders made only limited progress on easing trade tensions before Trump made an early exit. The Trump administration is pressing ahead with another tariff barrage that some experts say is more legally sound than country-by-country duties and may end up having an equally broad impact on imports. The US Commerce Department is set within weeks to announce the outcomes of investigations into sectors deemed vital to national security, including semiconductors, pharmaceuticals and critical minerals. The probes are widely expected to result in levies on a range of foreign-made products. Since Trump took office, the dollar has lost more than 10% of its value against the euro, pound and Swiss franc and is down against every single major currency in the world. What’s surprising long-time market observers is his team’s seeming indifference to the plunge. Meanwhile, People’s Bank of China Governor Pan Gongsheng has laid out in the clearest terms yet his vision for the future of a new global currency order after decades of dollar dominance. Kim Jong Un discussed “items of immediate cooperation and long-term plans” with Russian Security Council Secretary Sergei Shoigu yesterday, North Korea’s state media said, their third meeting in as many months. Shoigu told Russian media that Pyongyang agreed to send 5,000 military construction workers and 1,000 engineers to Russia’s border Kursk region following the recent ouster of Ukrainian forces with help from North Korean soldiers. Hooded motorcyclists armed with whips and clubs attacked crowds protesting alleged police violence in Kenya’s two biggest cities, leaving at least 23 people injured.  A protest in Nairobi yesterday. Photographer: Simon Maina/AFP/Getty Images Canada and India agreed to appoint new ambassadors in a major step toward moving past a feud that saw them expel each other’s officials over accusations of transnational repression and crime. Thailand’s ruling party and its top coalition partner are clashing over a key ministerial post, as a looming cabinet shakeup by Prime Minister Paetongtarn Shinawatra threatens to shift alliances. Argentina’s ex-president, Cristina Fernández de Kirchner, will serve her six-year sentence for corruption under house arrest. Can Europe defend itself? You’re invited to our virtual briefing on the geopolitical climate and industrial context that will shape the next decade, featuring an exclusive presentation by Bloomberg Intelligence plus insights from Bloomberg journalists and industry experts. Join us today at 3:30 p.m. BST. Register here. | 
